Revolut, a leading FinTech company, is introducing a debit card vending machine at the National University of Singapore (NUS).
This initiative, crafted in partnership with Visa, seeks to democratize financial access for students, particularly benefiting those under 21 who may find traditional banking inaccessible.
Through this pioneering service, Revolut offers students the convenience of instant access to debit cards paired with a suite of money management tools. The cards allow students to engage in both local and international transactions, utilise budgeting and analytics features, and benefit from perks such as cashback on purchases. This initiative also supports their first forays into investment.
A standout feature of Revolut’s offering is the group bills functionality, which simplifies payment settlements within groups traveling abroad, across any currency supported in the app. The platform accommodates up to 34 currencies and facilitates spending in over 150 countries. Furthermore, students can take advantage of a virtual card that integrates seamlessly with their e-wallets for both online and in-store purchases.
Raymond Ng, chief executive officer at Revolut Singapore, expressed his enthusiasm about the launch: “We are always looking for new and innovative ways to make money management accessible to our customers. We are really excited to launch Singapore’s first-ever debit card vending machine in one of the most established and largest universities here, making it easy for students to get their cards.
“Whether it’s spending in 150+ countries around the world, splitting bills seamlessly with friends, saving for a new Playstation or learning about various investing tools, Revolut will be their all-in-one money companion.”
Adeline Kim, Visa country manager for Singapore & Brunei, said, “At Visa, we believe in the power of collaboration and innovation. Working with valued partners like Revolut, who are at the forefront of creating innovative products tailored for the Gen Z segment, is crucial. These products not only help young people manage their money effectively but also educate them about investments, supporting their financial journey.”
Kim further added, “Based on our Gen Z research, close to 40% of Gen Z consumers indicate that convenience is a crucial factor in determining which product they use to pay, and the same number highlighted better rewards and offers would make them switch to alternative payment methods. By providing easy access for the youths to obtain their debit cards through the vending machines at NUS and providing great cashback when they shop and pay, we help to support this next generation to take control of their financial future.”
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