Financial app Revolut has revealed it has seen a 215% increase in the number of UK users aged 55-74 over the past two years.
New data from Revolut has found that older consumers are following their younger cohorts in larger numbers to embracing financial technology. For example, the number of transactions by UK users aged 55-74 using Revolut quadrupled, increasing around 470% in the amount spent over the past two years.
According to Revolut, the data shows that older customers are finding FinTech accessible, purchasing items and services online and in store, with the most popular merchants including post offices, cafes, and supermarkets.
As travel restrictions are relaxing from the pandemic, the 55-64 UK age group has seen a tenfold increase in the total spent in foreign countries over the past two years, with an 840% increase by the 64-75 group not far behind.
Revolut head of customer affairs George Grumbar said, “Our app is incredibly user friendly, something we’re very proud of. Customers can set up a Revolut account in 60 seconds, and if they need any help, we offer a secure online chat service within the app, connecting our customers to real people.”
“Given the greater confidence in online and app-based financial services over the last two years, the confidence in using cash less, and the understanding of the security measures and fraud protection, we expect to see growing numbers of customers of all ages.”
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