The product will provide instant medical and dental cover and starts at less than ?£1 per day.

The Revolut mobile app is able to pinpoint a customer's location and automatically provide coverage when needed.

The service can be customised via the app with options to include winter sports coverage as well as including friends and family on policies.

Nikolay Storonsky, CEO and founder of Revolut, said: “We wanted to create a type of insurance that uses technology to help our customers and only cover you on the days you actually needed to be covered – all for the best price.

“Pay-per-day travel insurance is a global first, and is another step in our journey to build a platform to offer a better kind of banking.'

The average Revolut customer spends 13 days abroad per year, which would cost ?£11.76 a year with the service.

There will be a cap on the total costs per year or the option to pay a fixed amount for a standard annual travel insurance policy to prevent frequent travellers from racking up large insurance bills.

The banking platform has partnered with Thomas Cook Money, who will issue the policies under its White Horse Insurance brand.

Anth Mooney, CEO of Thomas Cook Money, added: “Partnering with innovative fintech and traveltech companies is an important part of our strategy.

“You need strong alliances to start a revolution, and Revolut is making great strides in disrupting the traditional finance industry – we're proud to be a partner and friend to Revolut, who share our simple vision of making things much better for customers.'