Digital banking service Revolut officially launched in Japan after a successful beta launch, a couple of days back.
Revolut after a successful beta
launch for its premium accounts has now expanded its offerings to the general
public.
The fintech is entering Japan with 3
subscription-based accounts. Account-holders have to pay to Revolut the subscription
fees as per their chosen account type.
The
tag line of Revolut pricing plans is " Our Pricing Plans - No surprises,
just fair and honest pricing. Simply choose a plan with the features that you
want."
The 3 subscription-based accounts
types are:
01) Standard @ ¥0/m
02) Premium @ ¥980/m or INR677/- as per present
forex exchange rates
03) Metal @ ¥1800/m or INR1244/- as per present
forex exchange rates
Read more about Revolut Japan pricing
plans @
https://www.revolut.com/en-JP/our-pricing-plans
Quote:
Nikolay
Storonsky, CEO and founder of Revolut, said: “When spending or transferring
money overseas, most people are unaware of the hidden fees that banks are
charging them.”
“According
to a report from the World Bank, international remittance fees in Japan are 2
times higher than in the US. The world is becoming more connected, and
financial services should be supporting this, not hindering it.”
Unquote
As
well as cutting remittances costs, Revolut users in Japan will have access to
the fintech’s ‘super app’ which will allow them to track and budget their
spending, split bills and create savings pots.
As
reported, Revolut’s initial rollout in Japan will be limited to “international
transfers” and “managing money in 23 currencies.” Registered users will also
reportedly receive a Revolut-branded Visa debit card.
The
Revolut App has so far been downloaded mostly by expats. The subscription plans
may appeal to the local residents to try this out.
Subscription-based
services are popular in Japan.
The
Japanese subscription market broadly covers eight industries including fashion,
restaurants and entertainment.
According
to Yano Research Institute, the Japanese subscription market, covering eight
industries, was estimated to be worth ¥562.74 billion ($5.18 billion) in fiscal
2018 ended last March. That’s projected to reach ¥777.80 billion in fiscal 2021
and ¥862.35 billion in 2023, it said
Toyota
Motor Corp. became the first Japanese automaker to introduce a
subscription-based car-leasing service. Hyundai Motor Co., Porsche AG and Ford
Motor Co. already offer subscription services overseas.
In
the beverage industry, Kirin Brewery Co.’s Home Tap service delivers 4 liters
of fresh, direct-from-the-factory beer, to homes for a monthly fee of ¥8,100.
The company attempted to reach consumers willing to pay more for a
higher-quality product rather than those wanting to save money, but temporarily
had to stop accepting orders for Home Tap due to strong demand.
So,
the subscription-based Revolut plans are not new to Japanese residents, and
they may be willing to try out the 2 fee-based plans.
Reference Articles:
01) UK's Revolut launches digital
banking app in Japan @ https://asia.nikkei.com/Business/Finance/UK-s-Revolut-launches-digital-banking-app-in-Japan
02) Revolut Rolls Out Core App Services
in Japanese Market @ https://www.financemagnates.com/fintech/payments/revolut-rolls-out-core-app-services-in-japanese-market/
