Revolut Snubs Mastercard for VISA for Global Expansionby Fintechnews Singapore October 1, 2019
European based fintech unicorn Revolut announced on Monday that they have reached a new agreement with Visa to expand its global acceptance footprint to 24 new markets for a total of 56 markets globally.
Visa will power Revolut’s payments acceptance initially in markets like Japan, Hong Kong, Taiwan, Vietnam, Philippines, Malaysia, and Singapore among others.
In European markets, Revolut also works with Mastercard to issue their payment cards. The startup told Fintech News Singapore in a media statement that under the terms of this new agreement Revolut will primarily be issuing Visa cards for its global expansion indicating a preference over Mastercard.
This story follows Revolut’s recent reveal of its pricing for Singapore, we expect that they could be launching their services as soon as this month.
“We are excited to build upon our existing collaboration with Visa, the world’s leader in digital payments, which will bring to life our shared vision for seamless, innovative payment experiences,” said Nikolay Storonsky, founder and chief executive officer, Revolut. “The new global agreement with Visa is timely for Revolut as we move into a number of new markets to offer even more consumers the control, flexibility and innovative features that our European customers have been benefiting from for years.”
“We are excited to extend Visa’s partnership with Revolut to Asia Pacific,” said Chris Clark, Regional President, Asia Pacific, Visa. “Working together, we will bring new financial services experiences to consumers across the region. Payments is evolving rapidly in our region and it’s great to have an innovative fintech partner like Revolut expanding here. We are looking forward to leveraging the power of Visa’s global network to support Revolut as they grow their business in Asia Pacific.”
In an earlier earning conference call, Visa’s CEO Alfred Kelly earnings conference call on July 23, Visa’s CEO Alfred F. Kelly, noted the company’s delay in responding to the rise of fintech but stressed that it had made some serious strategic moves over the past year.
The partnership with Revolut Visa’s partnership with Revolut is latest in its long line of fintech partnership and acquisitions this year in line with Visa’s renewed focus.