• In conversation with Revolut Lite Head Dominik Zins

Revolut Lite, a streamlined version of the Revolut app by the global financial technology company of the same name, was launched in Sri Lanka and Chile simultaneously towards the end of 2022.

The Daily Morning Business sat with Revolut Lite Head Dominik Zins to talk about how the lite version of the same app is going to revolutionise free money transfers a step further in the digital world.

The following are excerpts from the interview.

 Can you tell me about your company and its journey thus far?

 Revolut is a global financial super-app. Founded in 2015 in the UK, Revolut was born as a multi-currency account offering money transfer and exchange at competitive rates and no hidden fees, unlike many traditional banks.

Over the years, the app has been enriched with dozens of new features that go far beyond the initial scope. We now offer analytics and budgeting tools, vaults, bills splitting tools, cashback on accommodations, E-money transaction experiences, and shopping with many recognised brands as well as wealth and trading features.

Today, we have over 30 million customers in over 43 countries around the world. Across our personal and business accounts, we help customers improve their financial health, give them more control, and connect people seamlessly across the world.

What is this Revolut app and its lite version? How has it revolutionised free money transfers?

Revolut Lite is a streamlined version of the Revolut app that can be used to send and receive money, enabling customers in Sri Lanka to make fast and secure money transfers, domestically and internationally.

Sending money between Revolut customers (peer-to-peer) is secure, quick and involves no transfer fees, making Revolut one of the first companies to make it possible to send and receive money instantly in over 43 countries across four continents (Revolut Lite countries – Armenia, Chile, Azerbaijan, Macao, Moldova, and Sri Lanka – and other countries where Revolut is live with its full product offerings – the UK, European Economic Area (EEA), the US, Japan, Singapore, Australia, New Zealand, Brazil).

Besides sending money through the fee-free peer-to-peer feature, customers will also be able to use Revolut’s global money transfer infrastructure to send and receive money to and from non-Revolut bank accounts and cards at a transfer fee of 1% and 3% respectively, subject to a minimum fee of $ 1.

Any transfer fee will be displayed in the app before a customer taps the button and a competitive exchange rate is offered for international transfers. On the occasion of the launch, the 1% and 3% fees on lite app transfers to non-Revolut bank accounts and cards will be waived till the end of this month (30 August) and customers will be able to experience a transfer fee-free* welcome into Revolut Lite, which may however, be subjected to a third-party intermediary or beneficiary fee.

In Sri Lanka, 95% of Revolut Lite customers have been able to send and receive money within three hours. The top three corridors have been the UK, Lithuania, and Australia. The average sending amount per user is GBP 550 and receiving is GBP 950.

Revolut Lite was launched in two countries – Chile and Sri Lanka at the end of 2022. Did the pandemic affect the process? How did you overcome those challenges?

 The pandemic affected international remittances, as economic uncertainties and job losses in many countries impacted the ability of migrant workers to send money back home. Remittance flows decreased in certain regions due to these challenges. Having said that, by the time we launched Revolut Lite, things had started to look up and remittance volumes were almost back to normal.

According to the Central Bank of Sri Lanka (CBSL), workers’ remittances increased to $ 475.6 million in December 2022 from $ 325.2 million in December 2021, recording the highest monthly remittances during 2022.

Why would someone switch from a typical banking app to yours for transfers other than zero fees? What’s the speciality of the Revolut app?

 I think that finding another app that allows customers to send and receive money peer-to-peer almost instantly and so easily like we do is not so common. We offer a solution for all those in need of getting financially connected with family and friends across the world at affordable rates; it could be a parent who needs to send money to his son who lives abroad, somebody who wants to send a gift to a friend, or any other occasion.

How safe is it to use your app?

 Safety and security are our top priorities. Our app is designed with state-of-the-art encryption and security measures to ensure that transactions and personal information are kept safe and private. We use industry-standard encryption protocols to protect the data during transmission.

 With Revolut Lite, we do not hold the customer’s money. Additionally, we regularly update our app to stay ahead of any potential security threats and vulnerabilities.

Furthermore, we monitor and analyse transactions for any suspicious activity, and our customer support team is available around the clock to assist customers with any concerns they may have. We take security seriously and are committed to providing a safe and secure payment transfer experience.

Are there any plans in the pipeline to expand the transfer chain to other countries and expand the launch of the app to other countries?

Revolut Lite is already present in Armenia, Chile, Azerbaijan, Macao, Moldova, and Sri Lanka. We are looking at expanding in some Latin American (LATAM) countries like Argentina and Ecuador. Revolut’s full app services were recently launched in Brazil and New Zealand and will also soon be available in India and Mexico.

Why did Revolut choose Sri Lanka as one of the countries for the app launch?

From the beginning of 2022, Revolut started scoping new markets in countries where its services would benefit the locals. Sri Lanka is one of those countries, where similar to Armenia, Chile, and other countries, many Sri Lankans live overseas and Revolut can be very helpful in responding to their needs for cross-border transfers as well as domestic transfers, at competitive rates.

In addition, peer-to-peer transfers between Revolut users are almost instant and do not involve transfer fees which may be subjected to weekend fees,  third-party or beneficiary fees.