Revolut Temporarily Stops Issuing New Cards
Revolut, an international money exchange app, has temporarily stopped issuing new cards while the company changes licenses. The new structure would allow more global consumers to take advantage of the app’s quick and affordable money transfer services.
Revolut is designed to help tourists travel anywhere without exchanging currencies or visiting a bank. Users can load money into their Revolut account on their mobile devices, and use the physical card tied to the account to make purchases worldwide. The app automatically converts the money in the account into that country’s currency using the lowest exchange rate available.
Revolut also allows people to send funds to one another internationally with instant digital money transfers. A traveler can receive emergency money from a family member in another country, along with a push notification on the phone, indicating that the funds were available.
PaySafe, the processing company behind the app’s services, recently told Revolut to stop opening new accounts because some of the accounts were being opened outside of Europe. PaySafe’s licensing does not allow for cards to be issued in other continents. Now Revolut is working on obtaining its own license so it will be able to open accounts around the world, including the United States. Anyone who currently applies for a card will be put on a waiting list until the license transfer is complete.
“We’re hoping to get the license this week,” Nikolay Storonsky, founder and CEO of Revolut, told Business Insider. “We just didn’t want to accept new customers on our [current] issuing bank license because then it will be quite costly to transfer them.”