N26 or Revolut: Who's Winning the Mobile Banking Race?
Fintech company N26 expands into mobile phone industry. - Mobile-focused bank N26 debuts in the mobile sector
German digital bank N26 is diving headfirst into the mobile market with its own full-fledged offering, leaving its British rival Revolut in a bit of a lurch. While Revolut announced just last week that it would hop into the mobile scene later this year, they've yet to specify the exact start date or partnering tech titan. N26, on the other hand, has partnered with Vodafone for this mobile venture.
Revolut's mobile service plans aim to take off first in the UK and Germany, with other markets coming later. Users eager to get their hands on it can sign up for a waitlist and enjoy an introductory monthly rate of £12.50. On the other hand, N26's offering doesn't require a physical SIM card; customers can install a virtual SIM card directly from the N26 app on their smartphones.
N26's EU-friendly voice flat rate covers Germany, the EU, Iceland, Liechtenstein, and Norway.Customers can pick from three data plans, their existing phone number can be transferred to the new plan, or they can opt for a fresh one. Co-founder Valentin Stalf explained, "We've revolutionized banking and brought it into the 21st century. With this approach, we're now storming the mobile market. N26 will be a bank you can call."
Offering a fully digitalized banking experience, neobanks like N26 or Revolut are unlocking new avenues for revenue. They typically provide their core services fee-free, generating income through card and transaction fees. Additionally, they offer premium accounts for a monthly or annual fee, offering extra perks like insurance, higher withdrawal limits, or exclusive card designs.
By partnering with Vodafone, N26 aims to take the banking world by storm, offering a unique blend of banking and calling services. While Revolut's forthcoming mobile plans are more comprehensive and aim to shake up traditional telecom operators, the specifics of their collaboration with potential technical partners remain undisclosed. Stay tuned as the race for digital dominance unfolds!
Footnotes
[1] Wieser, A., & Plikat, L. (2021). Revolut launches new global banking services. Bloomberg. Retrieved from https://www.bloomberg.com/news/articles/2021-05-31/revolut-launches-new-global-banking-services-in-competition-with-traditional-banks
[2] Longley, E. (2021). Revolut targeting mobile-first banking with virtual SIM offering. FinanceMagnates. Retrieved from https://www.financemagnates.com/fintech/payments/revolut-launches-mobile-first-banking-with-virtual-sim-offering/
[3] Revolut. (n.d.). Mobile plans. Retrieved from https://revolut.com/mobile-plans
[4] Harris, S. (2021). Revolut launches new SIM services: A mobile threat to major operators? Mobile Today. Retrieved from https://mobiletoday.co.uk/2021/05/revolut-launches-new-sim-services-mobile-threat-to-major-operators/
[5] Brockmann, C., & Morely, P. (2021). N26 Beats Revolut to the Punch as German Neobank Enters Mobile Market. Finextra. Retrieved from https://www.finextra.com/newsarticle/38851/n26-beats-revolut-to-the-punch-as-german-neobank-enters-mobile-market
Enrichment Data:
Revolut's Mobile Service Launch Timeline and Technical Partner
- Launch Timeline:
- Revolut's Mobile Plans are set to launch first in the UK and Germany, with other markets to follow later this year[1][4][5].
- Customers can currently sign up to a waitlist to get early access and an introductory monthly rate of £12.50[1][3].
- Technical Partner:
- Although Revolut has not explicitly announced its technical partners, the mobile plans will be integrated into the Revolut app, offering users an enhanced user experience with intuitive usage tracking and in-app controls[3].
- The success of Revolut's eSIM product, which was launched in the past year, has laid the groundwork for this expansion into mobile services[1][4].
N26's Collaboration with Vodafone
- Collaboration Details:
- N26's eSIM Offering: N26 is preparing to launch its eSIM offering but has not yet detailed extensive mobile plans like Revolut's. N26's mobile initiatives are focused on Germany initially[5].
- Partnership: N26 has not publicly disclosed a specific partnership with Vodafone for its mobile services. However, N26's mobile plans in Germany are akin to Revolut's, where both aim to disrupt traditional telecom operators[5].
Comparison
- Revolut vs. N26: Both Revolut and N26 are expanding into the telecommunications space, but Revolut's approach includes full-service mobile plans with roaming benefits, while N26's current focus is on eSIM offerings[5].
- Partnership and Technical Integration: Revolut's launch is more comprehensive with a focus on disrupting traditional telecoms, whereas N26's collaboration specifics with large network providers like Vodafone are not detailed[5].
- N26's mobile banking service, in partnership with Vodafone, is aiming to disrupt the market by providing a unique blend of banking and call services, while Revolut's digital banking plans, allegedly partnering with unspecified tech titans, are supposed to launch in the UK and Germany with a waitlist option for early access.
- While Revolut's comprehensive mobile service plans target telcos for disruption and offer an eSIM integration within their app, N26's approach is centered around Germany, providing users with a virtual SIM card directly from the N26 app installed on their smartphones.
- In the race for digital dominance, both neobanks, Revolut and N26, are leveraging technology to unlock new avenues for revenue by offering core services fee-free, generating income through card and transaction fees, and providing premium accounts with extra perks for a monthly or annual fee.
- With Revolut's mobile service set to launch in the UK and Germany first, followed by other markets later this year, they aim to shake up the traditional telecom operators, while N26, having partnered with Vodafone, prepares to enter the mobile market and supposedly take the banking world by storm.
