An assessment of Revolut's impact on payment habits and the banking industry in Malta

Abstract

This study sets out to explore the factors attributed to the success of a financial technology company in the Maltese islands by means of a case study on Revolut. Research was conducted by means of a few different mediums including, the collection of secondary data from national statistics houses and central banks. Furthermore, primary data was collected through a questionnaire distributed amongst retail users of Revolut and an interview process with experienced individuals within the financial services and banking industry. The general findings of this research are that adoption models hold for this case study, specifically the extended technological acceptance model, mobile banking theory framework and the diffusion of innovation theory which are expanded upon in the literature review chapter. The adoption models suggest that the perceived ease of use, usefulness, and convenience of the product are important determinants in the adoption of new technologies. More specifically, it was found that 81% of questionnaire respondents use the Revolut prepaid debit card solution mainly due to the ease at which users can transfer money to family and friends. The main conclusion attainted by virtue of this study is that cash is still ‘king’, however individuals are increasingly trying innovative payment methods. This trend might envisage Maltese residents seeking different innovative payment methods which are popular in other European countries such as Google pay, and Apple pay in the future. Ultimately, conducting further research on innovative payment methods in the Maltese islands would be a step in the right direction.