Revolut, the UK-based fintech company, has introduced an innovative debit card vending machine at the National University of Singapore (NUS). This new machine provides Visa-branded Revolut debit cards, aiming to expand financial service accessibility and promote financial literacy among students. Cardholders will benefit from Visa’s extensive global merchant network, ensuring seamless transactions worldwide.
Targeting Young Adults
This initiative focuses on young adults under 21—a demographic often overlooked by traditional financial institutions. With Revolut, students gain powerful tools for everyday money management, including the ability to send and receive funds, track spending, and explore investment opportunities through a user-friendly platform.
Key Features for Students
Revolut’s comprehensive money management tools are tailored to meet student needs:
- Effortless Money Transfers: Send and receive money locally and internationally, perfect for managing both casual expenses and larger transfers.
- Budgeting and Spending Insights: Track expenditures in real-time, categorize spending, and use built-in analytics to avoid overspending.
Benefits for International Students
Revolut offers specific perks designed for international students and frequent travelers:
- Split Group Expenses: Simplify cost-sharing with the Group Bills feature, which converts and settles multi-currency expenses automatically.
- No Foreign Exchange Fees: Standard plan users enjoy fee-free foreign transactions on weekdays and competitive rates in over 150 currencies.
- Enhanced Security: Instant card freezing and single-use virtual cards help prevent unauthorized use and keep accounts safe.
Financial Education and Investing
The app goes beyond basic banking by providing educational content on investments. Students can explore introductory modules on stock trading through the ‘Stock Learn’ feature and invest in stocks or precious metals directly within the app.
Strategic Collaboration
Revolut Singapore officials emphasized that this vending machine aligns with their commitment to simplifying financial management. Visa representatives echoed this sentiment, noting the alignment with Visa’s mission to promote financial accessibility. They also highlighted that Gen Z consumers prioritize convenience and rewards, which this initiative supports through easy card access and cashback incentives.
Easy Setup for Students
NUS students can obtain their Revolut x Visa debit card by following the simple steps displayed on the vending machine screen. Once they have their card, users scan a QR code to set up their Revolut account, link their card, and start using it immediately.
Revolut’s new venture is set to make financial services more accessible, empowering students with practical tools to manage their finances confidently.
Raymond Ng, Chief Executive Officer at Revolut Singapore said, “We are always looking for new and innovative ways to make money management accessible to our customers. 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.”
“At Visa, we believe in the power of collaboration and innovation. Working with valued partners like Revolut, who are at the forefront of creating innovative products tailored for the Gen Z segment, is crucial. These products not only help young people manage their money effectively but also educate them about investments, supporting their financial journey.
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,” said Adeline Kim, Visa Country Manager for Singapore & Brunei.
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