Optimal Payments has partnered with Revolut to launch a multicurrency MasterCard and mobile app that enables consumers to both spend and send funds abroad at the best exchange rate available. Revolut is offering the service to customers at no charge for the first 12 months of use.

Available on both iOS and Android, the Revolut app enables users to set up an account in a matter of seconds to transfer funds globally via SMS, email, WhatsApp and social media channels. In order to deliver the best rate available, Revolut uses the wholesale interbank exchange rate, which is updated every half-second, according to a press release.

Optimal Payments' partnership with Revolut enables customers to hold funds in British pounds, euros, and U.S. dollars — and to spend online and in-store with a globally accepted multicurrency MasterCard linked to their Revolut account. A virtual Revolut card can be used for online purchases as soon as the account is set up, and a physical card is delivered at no cost to the customer within two working days in the U.K. The card can be used globally with no fees for the first twelve months wherever MasterCard is accepted: online, in-store and to withdraw cash at an ATM, according to the announcement.

"Through this partnership, Revolut is able to utilize Optimal Payments' expertise in delivering secure and leading-edge payment solutions to customers and merchants around the world," said Andrea Dunlop, vice president of card services and acquiring at Optimal Payments. "Revolut could revolutionize the money exchange market and we look forward to supporting their progress by providing them with both a prepaid solution and our acquiring services. The Optimal Payments Card Services division can support a variety of different prepaid programs — from white-label cards to bespoke multichannel solutions."