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How Revolut hooked 80% of Irish adults: It tapped into the social life of money
🇮🇪 Ireland /Culture & Society

How Revolut hooked 80% of Irish adults: It tapped into the social life of money

From Irish Times · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

In-depth Sources not specified Context piece
  • Revolut has achieved significant success in Ireland, with over 80% of the adult population now using the app, making it a common term for electronic payments.
  • The app's rapid growth is attributed to its pace and opportunism, but also to its ability to connect with the Irish social understanding of money as more than just a transaction.
  • Irish money culture involves transactions disguised as generosity or social obligation, where managing these social expectations around money can be complex and lead to social anxiety.

Revolut's dominance in Ireland, where it boasts 3.4 million users, over 80% of the adult population, has transformed electronic payments into a common verb. The Financial Times notes Ireland as the market where Revolut has most successfully captured share from competitors, citing the fintech startup's "pace and opportunism."

Just give whatever you feel like

— Saintly mother in charge of the whip-roundIn a WhatsApp group for a teacher's gift, a parent suggests a flexible contribution amount.

However, Revolut's deep penetration in Ireland extends beyond mere market disruption. The app has tapped into a more fundamental aspect of Irish culture: the social significance of money. In Ireland, money is not just a medium of exchange but carries layers of meaning, functioning as a gift, a bribe, an indulgence, or a ritual, often depending on subtle social cues.

it is in Ireland that Revolut has had the greatest success in seizing market share from rivals old and new

— FT think pieceThe Financial Times analyzes Revolut's significant market capture in Ireland.

This intricate relationship with money is characterized by transactions that often mask their transactional nature, appearing instead as acts of generosity, friendship, or charity. The Irish are highly attuned to the nuances of monetary exchanges, from the amount given for a teacher's gift to the timing of paying back a friend. Missteps in these social calculations can be deeply embarrassing, highlighting a complex system of balancing ledgers without explicitly acknowledging their existence.

pace and opportunism

— FT think pieceThe Financial Times attributes Revolut's rapid rise in Ireland to these factors.
DistantNews Editorial

Originally published by Irish Times in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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