Revolut has announced the official launch of a new product. Revolut “Metal card” enables users to receive cash back in either cryptocurrency or fiat at a 1% rate outside Europe and 0.1% on transactions made in Europe. Revolut previously incorporated cryptocurrency options on their banking platform adding a key feature that appeals to a younger consumer. Revolut currently supports 25 fiat currencies and 5 cryptocurrencies, including Bitcoin.
Revolut has been teasing out a big update for the past several days as is typical for the online bank when preparing for a major releases. CI had predicted that Apple Pay would finally be released – a feature from Revolut that has been in the works for some time.
The digital challenger bank notes that users will benefit from unlimited foreign exchange, free international money transfers, travel insurance (health/dental/travel), plus 24/7 support. Metal card holders may withdraw up to £600 per month in free international ATM withdrawals – a nice perk in a world populated by 3% ATM withdrawal fees.
Revolut adds that they will continue to incorporate new benefits to the Metal plan and predicts offerings such as airport lounge access, virtual cards, and extra perks for the forthcoming commission free trading platform. The Metal card itself is described as fully contactless and created with “obsessive attention to detail.” Metal is said to be three times the weight of a regular card, crafted from a single sheet of reinforced steel using a diamond drill bit. Paint particles have then been layered to the card using a physical vapour deposition, with customers’ details etched on the card using a high precision laser.
Nik Storonsky, founder & CEO of Revolut, said they are absolutely convinced that Metal is the card of the future and a must for global traveling types with more features planned. Importantly, Storonsky said they were still on track with a North American digital banking service for later in the year.
Many Fintech observers will be watching keenly the US launch as the market is a highly fragmented with an innovation crushing regulatory environment. Applying for, and receiving, a banking license is no small task in the US. In the interim, Revolut may partner with an existing bank to provide their forward thinking service that has grown rapidly across the European continent with over 2.5 million customers added since 2015. Storonsky said that Metal will also help drive additional revenue as they prep for the Americas and Asia.
Mastercard, a partner of Revolut, called Metal a compelling offer;
“We are excited to partner with Revolut on its prestigious new Metal card,” said Darren Deal, VP of Prepaid Cards at Mastercard UK: “From its unique look and feel, to its impressive range of cardholder benefits, combined with Mastercard’s trusted global acceptance it becomes a compelling offer to all regular overseas travelers.”