The news: Revolut has updated its US-Mexico remittances offering to enable 10 free transfers in just a 30-minute window.
More on this: It’s the latest update of what’s one of Revolut’s newest US offerings:
It takes just minutes to sign up for the product, the neobank said, and users can also track the progress of their remittances through Revolut’s app.
What’s the opportunity? Juan Miguel Guerra, Revolut’s CEO for Mexico, touched on the neobank’s market potential.
A tough slog: Revolut’s remittance product gives it a way to build brand awareness in Mexico ahead of a direct launch there. But making inroads will be tough due to a growing field of consumer neobanks that already offer some form of fund-transfer offerings.
A remittances-first push can still benefit Revolut if it’s nimble in developing and releasing the product’s features. Its current product enhancement suggests that it’s willing to invest in a challenging market entry.
Related content: To learn about how Revolut’s feature will impact the US-Mexico remittances space, check out what our Payments & Commerce team has to say.
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