By Liza Tetley on Monday 16 May 2022
The pandemic has accelerated the pivot towards financial apps among the older generations too.
The demise of the bricks and mortar bank branch looks closer than ever, as Revolut reports a 215 per cent uptick in over 55-year-olds users, signalling a new age of ‘silver swipers’.
Revolut’s data show that the number of transactions by UK users aged 55-74 has quadrupled, while the amount spent has increased by 470 per cent since 2020.
With 85 per cent of the UK population now owning a smartphone, according to Ofcom, older customers are enjoying the accessibility of financial apps and opting to use fintech services to purchase items and services online and in store.
As travel gradually returns too, retirees are opting to use Revolut to avoid hidden fees abroad. Revolut reports that the 55-64 UK age group has seen a tenfold increase in the amount spent in foreign countries over the past two years, and the 64-75 age group isn’t far behind, registering an 840 per cent increase. Revolut says volumes are just increasing as countries reopen borders.
After decades of relying on traditional banks, married retirees Paul (56) and Lynn (61), opted to use Revolut's services on a road trip around Europe.
“It would have been too difficult to rely on a bank where necessary phone calls or a trip to a highstreet branch were needed,” they said. “Additionally, we wanted to stick to a budget and were worried about any hidden and ridiculous costs.”
“We were delighted to rely on Revolut for a seamless holiday as we could spend and transfer money at great exchange rates, and no fees.”
Revolut says that the trust aspect has been key to the growth in uptake among the older generations, who are becoming more comfortable using fintech services as they grow more mainstream.
“Given the greater confidence in online and app-based financial services over the last two years, the confidence in using cash less, and the understanding of the security measures and fraud protection, we expect to see growing numbers of customers of all ages,” said George Grumbar, Revolut’s head of customer affairs.
Launched in 2015 and now with more than 18m customers globally, Revolut says its products are currently used to make over 150m transactions per month.