Revolut has revealed that around 62% more money was transferred into Muslim countries during Eid al-Adha, the religion’s largest holiday.
The PayTech giant has put the dramatic rise down to the launch of Revolut Lite across multiple countries in December 2022 – a payment option enabling cross-border transfers for free.
The United Arab Emirates, Turkey, Indonesia, Morocco and Malaysia were the nations which had the greatest contribution to the dramatic hike in transfers.
Akshat Mittal, head of Strategy for Revolut International Payments, said: “Last year, we saw a volume increase of 176%, as compared to 2021.
“We recognise the increased significance of international transfers during a variety of cultural calendar moments.”
“We have observed a consistent spike in transfers around Christmas since Revolut started eight years ago, but as we have expanded, we see new spikes in the calendar.
“We remain dedicated to leveraging innovative technology and our expansive network to facilitate affordable and convenient international transfers.
“By continuously adapting to the evolving needs of the digital economy, we hope to continue to empower individuals and families around the world to navigate the complexities of cross-border finance with ease.”
The news continues a prosperous year for Revolut, who also recently launched Apple’s Tap to Pay service in the UK.
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