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Screenshot of a breaking news alert e-mail from Q2 2017
Optimal Payments Plc (LON:OPAY), a leading global payments provider, has announced a partnership with Revolut for the launch of its innovative currency exchange solution set to bring change to the foreign exchange market this summer. The solution is an innovative multi-currency MasterCard and mobile app that allows people to both spend and send money abroad at the best exchange rate available, completely free for the first twelve months of a customer using the service. The Revolut solution helps consumers avoid the hidden costs often associated with currency exchange.
Available on both iOS and Android, the Revolut app allows users to set up an account in a matter of seconds to transfer money globally via SMS, email, WhatsApp and social media channels. In order to deliver the best rate available, Revolut takes the wholesale interbank exchange rate, which is updated every half a second.
Optimal Payments’ partnership with Revolut enables customers to hold funds in GBP, Euro and USD, and to spend online and in-store with a globally accepted multi-currency MasterCard linked to their Revolut account. A virtual Revolut card can be used for online purchases as soon as the account is set up, and a physical card is delivered at no cost to the customer within two working days in the UK. The card can be used globally with no fees for the first twelve months wherever MasterCard is accepted: online, in-store and to withdraw cash at an ATM.
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Optimal Payments is authorised by the UK Financial Conduct Authority (FCA) to issue electronic money and is a Principal Member of MasterCard International Inc. In addition, Optimal Payments’ Acquiring Services enable Revolut’s customers to load funds to their accounts.
Andrea Dunlop, Vice President Card Services and Acquiring at Optimal Payments said: “Through this partnership, Revolut is able to utilise Optimal Payments’ expertise in delivering secure and leading-edge payment solutions to customers and merchants around the world. Revolut could revolutionise the money exchange market and we look forward to supporting their progress by providing them with both a prepaid solution and our acquiring services. The Optimal Payments Card Services division can support a variety of different Prepaid Programmes – from white-label cards to bespoke multi-channel solutions.”
Nikolay Storonsky, Revolut Founder, added: “We chose to work with Optimal Payments due to their flexibility and embracing attitude towards start-ups. They have been agile in integrating our services which has been essential in the early growth of Revolut, and have been supportive of our ambition to change the way money is transacted, sent and spent around the world.”
To view the official announcement, click here.