Brazil’s Banco Itaú partners US paytech Rêv to launch multi-currency digital wallet
São Paulo-based Banco Itaú International has partnered with US paytech Rêv to release a multi-currency digital wallet for its international private banking customers.
The invite-only Itaú Global Wallet was developed by Rêv on its multi-currency payments processing platform and carries the Mastercard brand.
Rêv says Banco Itaú’s customers can transfer funds instantly to their global wallet and spend on a contactless physical or virtual card.
The wallet has real-time currency exchange functionality, converting seven currencies instantaneously: the US dollar, the British pound, the Euro, the Swiss franc, the Japanese yen, the Canadian dollar and the Brazilian real.
Rêv says the card has no annual fees or interest charges that are often associated with premium credit cards.
The Itaú Global Wallet Mastercard can also be added to Apple, Samsung and Google mobile wallets.
Itaú Private Bank global head Fernando Beyruti says the wallet aligns with the bank’s strategy of meeting customers’ needs amid the rapid development of innovative financial services.
The bank says stiff competition from challenger banks — half of all digital banks in Latin America are in Brazil — means incumbents such as Itaú must offer “robust functionality” and “innovative digital experiences”.
Itaú is the largest bank in Latin America and seventh largest bank in the world, with private banking customers in Brazil and across international markets.