Global Fintech Provider Develops Payment Program With Mastercard Debit Card Acceptance and Real Time Currency Exchange for Itaú Private Bank Customers Looking to Transact in Foreign Currencies
Rêv Worldwide, Inc. (“Rêv”), a payment products innovations company, announced a partnership with Banco Itaú International with the official launch of the Itaú Global Wallet, an app-based digital payment account available exclusively to Itau’s international Private Bank customers. The Itaú Global Wallet program was developed by Rêv on its proprietary multi-currency payments processing platform, and carries the Mastercard brand. Itaú is the largest bank in Latin America and seventh largest bank in the world, with private bank customers in Brazil and across international markets.
Latest Fintech Insights: InstaMortgage Adopts Finicity’s Mortgage Verification Services
“While the development of innovative financial services continues to move at a rapid pace, we continue to stay focused on delivering on what our customers need to meet their financial services expectations. The Itaú Global Wallet product fits that strategy well”
The Itaú Global Wallet is quick and easy to load from the customer’s foreign accounts at Itaú Private Bank, allowing users to transfer funds instantly to their Global Wallet account that is linked to a personalized Mastercard debit card. The program also includes access to a virtual Mastercard card for online shopping, as well as real-time exchange functionality across seven currencies including the U.S. Dollar, British Pound, Euro, Swiss Franc, Japanese Yen, Canadian Dollar, and Brazilian Real. The Itaú Global Wallet Mastercard(s) can also be added to Apple, Samsung, and Google mobile wallets. As an industry first, the program delivers personalized, private bank customer service without the annual fees and interest charges that are often associated with premium credit cards.
“Today more than ever private bank customers around the world expect the best products and services available in the market, so we couldn’t be more proud of being selected by Itaú to deliver a solution that meets their customer’s needs,” said Roy Sosa, Chairman and CEO, Rêv Worldwide, Inc.
Browse The Complete News About Fintech : Crypto Exchange EQONEX Expands Suite Of Professional Trading Products With Launch Of Dated Futures
The Itaú Global Wallet comes at a time when banks across the world are facing even more competition from challenger banks, offering robust functionality available through innovative digital experiences.
According to a report by Swiss digital banking tech provider Banking, Payments: Context (BPC) and Dutch fintech consultancy firm Fincog, in the last few years digital banking in Latin America has grown exponentially. The number of digital banks has more than doubled, to around 52 independent neo banks in 2021. Brazil leads the region both in terms of sector development and consumer adoption. Out of the 52 neo banks identified, 24 are from Brazil, and out of 77 million neo bank customers in 2021, 63.5 million are located in Brazil, or 82.5% of the region’s total neo bank customers, the research found.
“While the development of innovative financial services continues to move at a rapid pace, we continue to stay focused on delivering on what our customers need to meet their financial services expectations. The Itaú Global Wallet product fits that strategy well,” said Fernando Beyruti, Global Head of Itaú Private Bank.
The Itaú Global Wallet is available now, by invitation only to qualified Itaú Private Bank clients who download the Itaú Global Wallet app, available in the Apple and Android app stores. There is no credit application, as invited customers automatically qualify. The available Itaú Mastercard debit card is issued by Moorwand Limited pursuant to a license by Mastercard International. Moorwand Limited is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900709) for the issuing of electronic money and payment instruments. The account carries no interest charges, no monthly or annual fees, and no currency conversion fees.There are no offline or online purchase transaction fees, although standard ATM fees and applicable FX rates do apply.
Read More About Fintech News : Absa And Puresoftware Partner To Launch Digital Wallet, Spark By Absa
[To share your insights with us, please write to sghosh@martechseries.com]
