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Fintech startup, Revolut is expanding to Japan. After testing the service with 10,000 users, anybody can now sign up and open an account. The company originally obtained its authorization to operate from Japan’s Finance Service Agency in 2018.
When an account is opened, an electronic wallet and a Visa debit card is activated. The user’s account can be topped up and they can easily spend money with their card, a virtual card, etc. Revolut sends instant notifications and allows users freeze and unfreeze their card from the app.
They can also send money to other Revolut users or a bank account. Like in other countries, Revolut allows exchange of currency in the app and sends money in other currencies. Many users have taken advantage of the service to travel and pay less in foreign exchange fees.
Users in Japan will also be able to create vaults and put some money aside by rounding up transactions and creating recurring transactions. And that’s about it for now.
The company has already launched premium plans in Japan, but it doesn’t give you a lot of benefits other than lower fees on foreign exchange, different card designs, better support and the ability to buy airport lounge access with LoungeKey Pass.
Unlike in the U.K. and Europe, users won’t be able to buy cryptocurrencies, trade stocks, buy insurance products, create Revolut Junior accounts for children, etc. Revolut is really trying to build a super app in its home country and has massively expanded its feature set over the years.
The company promises that some features, such as cryptocurrency and stock trading, will be available globally. But there’s no release date just yet. So let’s see how the product evolves in the coming months.
Revolut is currently available in the U.K., Europe, the U.S., Singapore and Australia. It currently has 13 million customers.
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