Revolut sees 215% rise in 55+ ‘silver swipers’ using app

Revolut has reported a 215 per cent in so-called ‘silver swipers’ - users aged 55 and over- in a sign that digital banking adoption is growing across the generations.

The challenger bank said that since the start of the pandemic in 2020, it has seen an increase of over 215 per cent in the number of UK users aged between 55 and 74.

Older consumers are embracing the Revolut app in significant numbers, the company said, and for many different uses in addition to day-to-day spending.

The number of transactions by UK users aged 55-74 using Revolut has quadrupled, and an increase of around 470 per cent in the amount spent over the past two years, the FinTech said.

Revolut now has more than 18 million customers worldwide, including 4 million in the UK.

According to figures from digital regulator Ofcom, 85 per cent of the UK population owns a smartphone, and as consumers increasingly move to apps for a range of services, financial apps have continued to proliferate.

Revolut said its data showed that older customers are finding FinTech accessible, purchasing items and services online and in store, with the most popular merchants including post offices, cafes, and supermarkets.

As travel restrictions relax, the 55-64 UK age group said it 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 with an 840 per cent increase.

However, the number is still growing since countries began to reopen borders. There has been a 260 per cent increase in the number of 65-74 year olds spending in foreign countries, and a 500 per cent increase in the amount spent by 55-64 year olds in foreign countries by UK users year on year.

George Grumbar, head of customer affairs at Revolut, said: “Our app is incredibly user friendly, something we’re very proud of. Customers can set up a Revolut account in 60 seconds, and if they need any help, we offer a secure online chat service within the app, connecting our customers to real people.”

“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.”

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