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Revolut allows customers to make purchases using their crypto balances

Monday 31 October 2022 14:27 CET | News

UK-based digital banking app Revolut is launching a new feature that allows its customers to make purchases using their crypto balances.

 

The service launches on 1 November 2022 and Revolut will reward users who use their cryptocurrency balance to pay for everyday spending on their Revolut card with a 1% crypto cashback for a limited time. The new ‘spend from crypto’ feature makes it faster for Revolut cardholders to sell their crypto assets and push those funds to their credentials in real-time to pay for eCommerce and in-person purchases. 

The system works by converting the cryptocurrencies into other fiat currencies and automatically deducting all expenses and commissions whenever the cardholder makes a payment. 

The news follows Revolut’s permanent approval from the Financial Conduct Authority (FCA) to run its cryptocurrency business in the UK. The company waited for this decision for months but it finally obtained the license towards the end of September 2022.

The registration with the FCA will allow Revolut to continue operating a UK-based digital assets business, including trading, and offering custody of crypto assets, which became a requirement in April. The FCA’s assessment investigates controls against money laundering and terrorist financing. The company agreed to several proposals that were designed to ensure it has the systems and controls to meet the requirements of the money laundering regulations, according to the FCA. 

Revolut has offered cryptocurrency trading since 2017, and in 2021, chief executive Nik Storonsky said the company would continue to invest in services revolving around these assets.

 

UK-based digital banking app Revolut is launching a new feature that allows its customers to make purchases using their crypto balances.

 

Other developments from Revolut 

In October 2022, Revolut launched a holiday home rental feature with cashback in travel services named ‘Homes.’ As part of Revolut Stays, Homes enables customers to get up to 4% cashback depending on the individual’s Revolut plan. 

In the same month, Revolut has launched a new service called ‘Shops’ which lets Irish users buy products from more than 1,000 brands, while also earning cashback. In June 2022, Revolut has begun rolling out a Buy Now, Pay Later (BNPL) instalments payment product with customers in Ireland. 

These recent developments aim to pave the way for the digital banking app to become a European super app. According to sifted.eu, most investors agree that the closest thing Europe has to a super app so far is Revolut. The fintech openly refers to itself as a financial super app and has launched more than 50 products, including debit cards, holiday insurance, business banking, and crypto trading solutions.


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Keywords: cryptocurrency, cashback, product launch, mobile banking, digital assets
Categories: DeFi & Crypto & Web3
Companies: Revolut
Countries: United Kingdom
This article is part of category

DeFi & Crypto & Web3

Revolut

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