ieExplains: Why are people calling for a boycott of Revolut?
Urged In App Abdullah People 10 Dublin Bayyari Opening September September Revolut Or To From Activist Refrain On Using Ireland Al Dr And Based Palestinian Even The 9
If you have been on social media in recent days, you may have seen posts calling for a two-day boycott of the banking app Revolut in solidarity with the people of Palestine.
Here's why:
On August 20, the Bank of Israel issued Revolut a unique identification code, enabling Revolut to allocate payment account numbers to its customers.
Essentially, the Bank of Israel code allows Revolut to connect to the local payment schemes in Israel.
In a statement, the bank said: "The Bank of Israel hereby announces the issuance of an identification code to a second global fintech company that has chosen to operate in Israel as a participant in a controlled payment system — Revolut Ltd".
The bank went on to say Revolut "is operating along the 'international outline' published by the Bank of Israel, which enables access to the payment systems based on a foreign licence from a recognised country, as well as on meeting additional conditions".
Contrary to some posts and articles online, the Bank of Israel's announcement does not mean Revolut will be "opening" in Israel soon.
Since the Israel-Hamas war began last October, nearly 41,000 people have been killed in Palestine, according to the Palestinian Health Ministry.
On Tuesday, Gaza's civil defence agency said an Israeli strike on a humanitarian zone in the south of the territory killed 40 people and wounded more than 60 others.
Ireland is among the most pro-Palestinian nations in Europe, and Irish politicians have been vocal on the world stage in calling for a ceasefire in Gaza. As such, the Bank of Israel's announcement was met with some significant criticism online here.
In a widely shared post, Dublin-based Palestinian activist Dr Abdullah Al Bayyari urged people in Ireland to refrain from using or even opening the app on September 9 and September 10.
He called for those wishing to take part in the boycott not to complete transactions with Revolut online or in shops, to temporarily freeze their Revolut cards, to remove funds from APR savings accounts, and to avoid selling stocks, cryptocurrency or commodities on the app.
In a subsequent post, he also suggested people email Revolut directly and outline why they were joining in the boycott.
Revolut's popularity in Ireland has grown substantially since the firm launched its services here in 2015.
The company boasted some 2.7 million users here as of the end of 2023 — a 20% customer base rise compared to the previous year.
The fintech firm also reported a more than 50% annual rise in the number of Irish companies using Revolut Business in 2023.
It officially began operating as a bank in the Republic of Ireland in March 2022, and it began offering personal loans that same year.
In July 2023, it launched its car insurance offering in Ireland, in partnership with insurer AIG. In May of this year, it started offering instant-access savings accounts.
And the firm recently announced it has plans to launch a mortgage product in Ireland from next year.
Revolut has not officially commented on the calls for the boycott.