Ring in the Mobile Era: N26 Pulls Ahead of Revolut in Germany
Fintech firm N26 debuts in mobile banking sector - Mobile banking service, N26, swiftly expands its presence in the smartphone sector
The digital banking landscape just got a whole lot more bustling, with N26 making a splash by launching its fully-fledged mobile offering. Beating its arch-rival Revolut to the chase, N26’s offering is now available, leaving Revolut scrambling for a catch-up.
While Revolut was only recently boasting about its forthcoming mobile service, it has yet to hammer out the details, such as the start date and a specific tech partner. N26, on the other hand, has teamed up with telecommunications giant Vodafone for its mobile journey.
Never needing a tangible SIM card, users can snag a virtual SIM card (eSIM) directly through the N26 app on their smartphone. Since they’ve already completed the identification process during bank account creation, they won’t need to worry about ID verification again for their eSIM.
N26’s mobile tariffs pack a punch: unlimited calls within Germany, the EU, Iceland, Liechtenstein, and Norway, alongside three data plans to pick and choose from. Customers can either stick with their current phone number or opt for a fresh one.
“Banking on the go” is more than just a tagline for N26. According to co-founder Valentin Stalf, they have streamlined the banking process, allowing customers to handle even intricate banking transactions within a jiffy through the app. Now, N26 is making a leap to the mobile market, positioning itself as a bank you can chat with as well as bank with.
As neobanks like N26 and Revolut dive into the mobile business, they’re branching out into new revenue sources. Typically, they offer their core services sans monthly base fees, generating revenue through card fees and interchange fees earned when customers use their debit cards. Both N26 and Revolut also offer premium accounts for a monthly or annual subscription fee, offering extra perks like insurance, higher withdrawal limits, or exclusive card designs.
Revolut's Mobile Ambitions
- Revolut’s mobile offering in Germany will offer limitless domestic data, flat-rate calls to all networks, and unlimited text messages. The plan includes a roaming data volume of 40 GB for vacations within the European Union and the UK. Customers can either claim a new number or port their existing one from their previous carrier.
- The service will seamlessly integrate into the Revolut app, providing an effortless user interface.
- Customers can pay their bill with RevPoints, Revolut's loyalty program, which rewards them with points for every purchase.
Exciting details regarding the partnership with German network operators have yet to emerge, as well as the specific launch date. Nevertheless, the mobile service is expected to make its grand entrance later this year.
Stay tuned for updates on this ever-evolving digital banking landscape!
- Neobanks
- Competition
- Mobile market
- Germany
- Berlin
- Partner
- Vodafone
- N26's Community policy now includes the provision of a mobile tariff, offering unlimited domestic calls, flat-rate calls to all networks, and unlimited text messages, with a roaming data volume of 40 GB for vacations within the European Union and the UK.
- Revolut, in response, is planning to launch a mobile offering in Germany that will offer limitless domestic data, flat-rate calls to all networks, and unlimited text messages, set to integrate seamlessly into the existing Revolut app.
- Both N26 and Revolut, being neobanks, are capitalizing on the mobile market, offering services that require no monthly base fees, generating revenue through card fees and interchange fees, while also providing premium accounts for a monthly or annual subscription fee.
- N26 has partnered with telecommunications giant Vodafone for its mobile journey, trumping Revolut's currently undefined mobile plans in Germany.
- The digital banking landscape in Berlin, Germany, is witnessing intense competition, as neobanks like N26 and Revolut push their mobile ambitions into the market, aiming to redefine the lifestyle and business of finance through technology.
