Revolut is launching mobile plans with unlimited texts, calls and domestic data, with 20GB EU and US data roaming allowance and no fixed contract commitment. The banking app, which has 50 million customers worldwide, said customers can sign up for the waitlist to get early access and be eligible for an introductory monthly rate of £12.50 per month.

Users can keep their existing mobile number and simply transfer it over to their new mobile plan or move to a Revolut-provided number. The banking app launched its Revolut eSIM last year. It is now used by millions of customers in more than 100 locations worldwide.

Revolut's mobile plan will launch first in the UK and Germany, with more markets to follow.

Users will also be able to pay for their plan with their RevPoints, Revolut’s loyalty scheme which rewards customers with points on purchases, subject to their plan.

Hadi Nasrallah, general manager, telco and retail director at Revolut said: “The massive success of our eSIM product launched has proven mobile offerings are ripe for disruption.

"In our view, consumers are suffering with traditional network offerings due to a lack of transparency with hidden fees, painful customer experience and old, difficult to navigate UX.

"We’re looking to solve all three, providing Revolut customers with a tech-led experience, the best value and no fixed contract commitments. It’s yet another step for Revolut into the consumer telecommunications arena where innovation is desperately overdue and we look forward to bringing this update to consumers in more markets soon.”