FinTech News
Rêv Launches X World Wallet in the United States
In recent years, a major trend in FinTech has been the issuance of debit cards. Each of these offerings boasts its own unique twist — be it instant rewards, a focus on the environment, charitable giving, etc. Now another prepaid card is entering the U.S. market and looking to make a splash: the Rêv’s X World Wallet.
Rêv’s X World Wallet is a multi-currency debit card that also includes a loyalty program, travel booking portal, and more. Issued through a partnership with Texas First Bank, customers will be able to spend their funds using either a physical or digital version of their debit card. In the app, they’ll also be able to exchange foreign currencies in real time.
Debit card purchases will also earn X Points. For example, customers will earn 3x points on dining and entertainment purchases as well as on charitable donations. Then, cardholders will also earn 2x on select e-commerce, rideshare, delivery, and subscription purchases. All other purchases will earn 1 point per dollar spent. According to the site, the X World Wallet has no annual fee and does not require a credit check.
As mentioned, there are other aspects to the X World Wallet beyond its debit card point potential. For one, the app includes a travel booking portal appropriately called X Bookings. This portal will enable members to receive discounts as well as bonus points. Lastly, with the X Cares program, customers will be able to automatically donate to climate change-fighting causes.
In a press release announcing the launch, Rêv Worldwide, Inc. (parent company of Rêv USA) CEO Roy Sosa said, “We are proud of the value The X World Wallet provides for customers. In a world of high interest rates, we purposely built a proprietary loyalty program on a debit platform so customers could earn maximum rewards without the burden of high annual fees and interest charges that too often accompany affinity credit cards.”
Texas First Bank president Christopher C. Doyle said of the offering, “The X World Wallet delivers on a world class digital experience and functionality. It offers a collaboration model where Rêv assists banking partners like us to create new revenue streams and quickly meet our customers’ demand for robust FinTech products that are competitive in the market today.”
Based on the available information, Rêv’s X World Wallet combines elements of a few different FinTech platforms that are currently available. That said, the combination largely makes sense and seems to be packaged in an appealing manner. Meanwhile, it seems as though we can add Texas First Bank to the list of banks that are working with FinTechs to launch such offerings. In any case, Rêv may be one to keep an eye on as its X programs continue to develop.
