Key Points:
- Revolut pioneers as the first UK financial services firm to offer phone plans.
- The introduction of eSIMs allows users to access Revolut’s app for phone top-ups and data management.
- Revolut partners with 1Global to launch eSIMs, addressing rising mobile data costs for UK residents.
British financial technology company Revolut is set to revolutionize the industry by becoming the first financial services firm in the UK to offer telecom plans, marking a pioneering move on the global stage. Revolut’s foray into telecom involves the introduction of eSIMs, or virtual SIM cards, which can be stored digitally rather than physically.
Revolut eSIM plans will be available for users in the upcoming days. Even basic app users without a subscription can benefit from a standard eSIM plan, providing access to the Revolut app for phone top-ups whenever necessary, for premium Ultra package subscribers at £55 ($69.47) a month, 3GB of global data will be included, refreshing monthly and eliminating concerns about unexpected roaming charges.
The move addresses the rising costs of mobile data overseas for UK residents, exacerbated by the reintroduction of roaming charges by major carriers like BT, Vodafone, and Three since the UK’s departure from the European Union.
Revolut has partnered with UK mobile network operator 1Global (formerly Truphone) to launch the Revolut eSIM offering. An introductory offer allows non-Ultra subscribers to enjoy 100MB of free data if applied before May 1, with the option to upgrade to Ultra for continued eSIM usage.
Tara Massoudi, Revolut’s General Manager of Premium Products, emphasized the company’s ambition to evolve into an all-encompassing “super app” providing services ranging from bank accounts and currency exchange to insurance, travel bookings, and airport lounge passes. Revolut’s expansion into phone plans is a rare step for a financial services firm, aligning with the trend among challenger banks to bundle new services into their apps to cultivate a more loyal customer base.
Roaming and connectivity market intelligence firm Kaleido Intelligence predicts retail spending on travel connectivity services, including roaming packages and travel SIMs, to exceed $30 billion by 2028.
While Revolut aims to diversify revenue streams and foster a loyal user base, industry experts anticipate similar moves from other banks in the coming months. The groundbreaking approach aligns with its ongoing efforts to position itself as more than a travel-centric platform, embracing a broader financial services spectrum.
