Revolut Expands to Japan: A Major Milestone for the Fintech Leader

Revolut, one of the world’s leading fintech companies, has officially launched its services in Japan, marking a significant step in its global expansion strategy. According to a tweet posted on September 8, 2020, Revolut’s cryptocurrency-friendly app is now available to all users in Japan after successful beta testing with 10,000 participants.

This launch establishes Japan as the first non-English speaking market for the London-based company, signaling its ambition to penetrate diverse global markets.

Revolut’s Entry into Japan

Beta Testing and Full Rollout

Revolut conducted extensive beta testing on 10,000 users to ensure smooth functionality before the official launch. Now, the platform is fully accessible to residents across Japan, offering an intuitive way to manage finances.

Core Features Available in Japan

While the initial rollout includes a limited feature set, users can access:

• International Transfers: Send money globally with low fees.
• Multi-Currency Management: Manage funds in 23 currencies through a sleek mobile app.

Why Japan?

1. Strategic Market Expansion

Japan is a significant milestone in Revolut’s growth as it represents the first non-English speaking market the company has entered. With over 13 million global users, most of whom are based in Europe and North America, the move into Japan diversifies Revolut’s user base.

2. Target Audience

Revolut aims to cater to:

• Ex-pats living in Japan, offering seamless international money transfers and multi-currency management.
• Japanese residents through loyalty incentives and a superior banking experience.

3. Timing Amid Travel Decline

Despite the decline in tourism and business travel due to the pandemic—two primary use cases for its services—Revolut is positioning itself as a financial tool for both ex-pats and local users.

Revolut’s Journey to Global Dominance

A Global Fintech Powerhouse

Founded in 2015 in London, Revolut quickly gained traction by offering:

• Low-cost banking services.
• A user-friendly mobile app.
• Support for cryptocurrencies like Bitcoin and Ethereum.

Worldwide Presence

With over 13 million users across Europe and North America, Revolut’s expansion to Japan reflects its ambition to become a truly global fintech leader.

Competing in Japan’s Fintech Space

Key Competitors

Revolut faces competition from established Japanese fintech firms like:

• LINE Pay
• PayPay
• Traditional banking apps with localized features.

Revolut’s Edge

Revolut sets itself apart with:

• Competitive international transfer rates.
• A multi-currency wallet, allowing users to manage 23 currencies effortlessly.
• A crypto-friendly platform, appealing to tech-savvy users.

Plans for the Future

Revolut’s initial launch in Japan focuses on foundational services, but the company plans to expand its offerings:

1. Loyalty Programs: Incentivizing users to adopt Revolut for daily transactions.
2. Advanced Banking Features: Rolling out premium services, including insurance and savings tools.
3. Cryptocurrency Trading: Introducing crypto features, capitalizing on Japan’s growing interest in digital assets.

What This Means for Japanese Consumers

Revolut’s entry into Japan brings significant benefits:

• Cost Efficiency: Affordable international money transfers compared to traditional banks.
• Convenience: A user-friendly app to manage multiple currencies in one place.
• Innovative Features: Access to loyalty rewards and, eventually, crypto trading.

FAQs About Revolut in Japan

1. What services does Revolut currently offer in Japan?
Revolut provides international money transfers and the ability to manage funds in 23 currencies.

2. Can Japanese users trade cryptocurrencies on Revolut?
Crypto trading is not yet available but may be introduced in the future as part of Revolut’s expansion plan.

3. Who is Revolut targeting in Japan?
The platform is designed for ex-pats and local users, focusing on loyalty incentives and ease of use.

4. Why is Japan significant for Revolut?
Japan is the first non-English speaking market for Revolut, marking a major step in its global expansion strategy.

5. How many users does Revolut have globally?
Revolut has over 13 million users, primarily in Europe and North America.

Conclusion

Revolut’s launch in Japan marks a pivotal moment in the company’s journey to global prominence. By offering essential financial tools, such as multi-currency management and international transfers, Revolut aims to attract ex-pats and local users alike.

With plans to expand its feature set, including cryptocurrency trading, Revolut’s innovative approach could disrupt Japan’s fintech space and cement its status as a leader in digital finance.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.