British-based digital banking app Revolut is set to hire around 3500 staff as it expands into 24 new markets thanks to a new global deal with payments giant Visa Inc, the two companies said on Monday.
So now it seems soon MasterCard will be out of the game? Interesting that some time ago Revolut opted out of Visa… I wonder what brought the change…?
Quote from article: "The deal is not exclusive but will see at least 75% of all Revolut cards carry Visa branding rather than that of rivals such as Mastercard Inc. "
Perhaps VISA offered better deal than Mastercard.
Okey, I like VISA
This is a real shame since MasterCard has far preferential treatment in regards to dynamic currency conversion as compared to Visa, for prepaid cards
I’m guessing that Revolut will issue MasterCard only to residents of countries where MasterCard has better acceptance than Visa.
I’m sure we will be able to get both cards one way or another.
Is this really relevant? Why should you ever use DCC at all if you have a Revolut card? The real problem is, that neither MasterCard not Visa have a working option to disable DCC for every transaction. That would be a benefit!
I hope that visa infinite metal its around the corner.
Also, what happened to 400 customer service in Portugal?
@OliverCH, no card holder in their right mind ever uses DCC on purpose; merchants impose DCC upon card holders, often against their will and/or in a fraudulent manner.
MasterCard do, Page 83 of rules for MasterCard acquirers states the following
“MasterCard and MaestroCard Prepaid brands are not to be presented with Point of Sale Currency Conversion (they use another word but it means the same thing) otherwise known as DCC”
To clarify, Visa have done similar, but only for ATMs
In both cases this only applies to cards recognized as multi-currency as identified for MasterCard in the MasterCard Parameter Extract (I’m not sure how Visa does it)
“Revolut’s average customer holds around 1000 euros in their account”
wow, it means lot of people have huge deposits on Revolut, as per my thinking majority of registered users, have just tried it once or twice and left small change on it. To make up the average lot of people need to have their real salaries transferred to .
The sum of all my balances is often around this level. If you’re waiting for an order (“auto-exchange”) to be filled at an optimal rate, then you need to hold a balance, otherwise the order will fail when the market reaches your chosen level.
That sounds really nice but does not work at all with the Revolut MasterCard nor Maestro nor the Google Pay version of these cards.
To get back to my statement, nobody wants DCC in any way but these card companies don’t implemented a working system to prevent it.
In my opinion the brands are responsible to prevent fraudulent DCC enforced on us customers.
Sad situation but true.
It worked for me flawlessly while I was abroad, it’s something you should be reporting to Revolut to report to MC if a merchant’s acquirer is breaching the rules
Yes, they have
If a merchant forces DCC on you, you can file a chargeback and I would encourage you to do so because each one costs the merchant a solid £15-20 per successful chargeback claim against them
To be fair - with an AMEX you will never face DCC because they do not allow it at all.
AmEx does some bullshit in regards that they do Foreign Currency -> USD -> EUR/GBP though…
Still cheaper than DCC.
I can’t argue with that
No, it doesn’t. All non-European currencies are traded against USD. For a GBP/JPY rate for example, Amex triangulates via GBP/USD and USD/JPY, just like the whole FX market does. It unnecessarily explains that it does this in some of its T&Cs.
From what I read about AmEx any currency that isn’t USD gets traded against it, not just any non-European currency.
So if I made a purchase in EUR, ISK or NOK, it would be GBP/USD and USD/ISK | NOK | EUR