Revolut, which bills itself as a ‘digital banking alternative’, is launching its app and service in Japan, which marks its first leap into a non-English speaking market. European fintech startup has already completed a successful beta launch where the firm tested the service with 10,000 Japanese users. It has originally secured regulatory approvals in the country back in 2018.
Starting today, Japanese consumers can set up a Revolut account from their smartphone, and their account should then be verified within a matter of minutes. Tens of thousands of new users have reportedly signed up to the waiting list and they’ll now be able to access some of Revolut’s core features.
Although it will initially offer a limited number of functions in Japan, customers will receive a Revolut-branded Visa debit card and will be able to send money instantly and for free to other app users.
They can also transfer money to another Revolut user or a bank account at the interbank rates and exchange 28 foreign currencies within the app.
Revolut brushes off outage concerns
Revolut offers a ton of additional features in the UK and Europe, but the challenger bank is starting with basic features in Japan. Specifically, users are not allowed to make cryptocurrencies transaction, invest in the stock market or buy insurance products.
Revolut has recently rolled out a series of new products, including the launch of its app and service in the US market in partnership with Metropolitan Commercial Bank. Before March 2020, Revolut’s services, which attracted over 10 million customers, have been available in the UK and Europe, with US applicants previously being held on a waiting list.
However, the fintech company was struck by controversy earlier this year when it faced many outages with such inconveniences that have recently become a point of contention and competition between those who offer similar services.
Revolut was founded in 2015 and up 250 businesses and 9000 customers every day, with projects expected to reach a 100 million milestone in the next four years. The startup received its European banking license in 2018 as it makes preparations for a shift in Europe’s financial services landscape after Brexit.