Global neobank Revolut has launched a unique debit card vending machine at the National University of Singapore (NUS), touted to be the first of its kind in Singapore.
Students can obtain their free Revolut x Visa debit card from the vending machine by getting a card, scan the QR code on the packaging, and sign up for an account.
Existing customers can also use the machine to get a replacement card.
Revolut offers a range of features tailored to student needs, including budgeting tools, international money transfers, expense splitting, and access to investment options.
These features include cashback offers of up to 5% on popular brands, the ability to exchange currencies at competitive rates, fee-free currency exchange, and seamless group bill splitting to simplify shared expenses.
Revolut also aims to boost financial literacy among students. The app includes a “Stock Learn” module to educate users on the basics of investing, and they can start investing in stocks from US$1.
For added security, users can instantly freeze and unfreeze their cards and access a single-use disposable virtual card for online transactions.
This move aligns with research by Visa indicating that convenience is a key factor for Gen Z consumers when choosing payment methods.
Close to 40% of Gen Z consumers highlighted that better rewards and offers would encourage them to switch to alternative payment methods.
By bringing debit cards directly to students, Revolut aims to simplify financial management and encourages responsible spending habits, particularly among those under 21 who may be underserved by traditional banks.
Raymond Ng, Chief Executive Officer at Revolut Singapore said,
“We are really excited to launch Singapore’s first-ever debit card vending machine in one of the most established and largest universities here, making it easy for students to get their cards.
Whether it’s spending in 150+ countries around the world, splitting bills seamlessly with friends, saving for a new Playstation or learning about various investing tools, Revolut will be their all-in-one money companion.”
Adeline Kim, Visa Country Manager for Singapore & Brunei, said,
“Based on our Gen Z research, close to 40 percent of Gen Z consumers indicate that convenience is a crucial factor in determining which product they use to pay, and the same number highlighted better rewards and offers would make them switch to alternative payment methods.
By providing easy access for the youths to obtain their debit cards through the vending machines at NUS and providing great cashback when they shop and pay, we help to support this next generation to take control of their financial future.”
