London, UK- Financial services firm, Revolut, is set to launch a travel eSIM plan, marking a rare departure from its usual offerings. The move aims to provide consumers with a seamless and convenient way to access mobile data while traveling, without incurring unexpected roaming charges. This initiative comes in response to the increased cost of using mobile data overseas for Brits, following the reintroduction of roaming charges by several mobile carriers since the UK’s departure from the European Union.
Customers on Revolut’s basic app experience without any subscription can get a standard eSIM plan that allows them to access their Revolut app, ensuring they can stay connected while on the move. Meanwhile, customers on the company’s premium Ultra package will receive 3GB of data to use globally, with a rolling refresh every month, eliminating the worry of unexpected roaming charges.
The decision to launch eSIMs aligns with Revolut’s ambition to position itself as an all-encompassing “super app” offering services ranging from bank accounts, currency exchange, insurance, travel bookings to airport lounge passes. According to Tara Massoudi, general manager of premium products at Revolut, this move reflects the company’s commitment to innovation and enhancing the travel experience for its users, thus solidifying its position in the financial industry.
Furthermore, Hermann Frank, CEO of tech startup Gigs, noted that the move presents an opportunity for Revolut to unlock a new revenue stream and strengthen its long-term profitability. With retail spending on travel connectivity services expected to increase significantly, this strategic move by Revolut could set a precedent for other banks to follow suit in the near future.
In a similar vein, Indian credit card startup Zolve has already started offering phone plans attached to physical SIMs and eSIMs, underscoring the growing trend of financial services firms venturing into the telecommunications space. Revolut’s foray into eSIM offerings represents a push by financial institutions to diversify their revenue streams by offering innovative and value-added services to their customer base.