Working with Paysafe (formerly Optimal Payments), a global payments specialist, Revolut has delivered a ground-breaking currency exchange solution and Prepaid MasterCard.
Frustrated by traditional foreign exchange services
Frustrated by the high and often hidden fees associated with foreign exchange services, the entrepreneurs behind the exciting start-up company Revolut aim to disrupt the traditional financial industry and offer consumers considerable cost-savings. Revolut gives consumers direct access to interbank rates (one of the best rates available) and provides complete transparency. Rates are updated every half a second and users are always made aware of the rate being charged.
Revolut allows users to load and hold funds, exchange currencies at interbank rates, send money in multiple currencies (via email, text or social media), and spend with a globally-accepted multi-currency Prepaid MasterCard card. There are no fees for the first 12 months. Available for both iOS and Android devices, the Revolut mobile app allows users to set up an account in minutes and make seamless money transactions at the tap of a finger.
Bringing an innovative solution to market
In order to bring this innovative solution to market, Revolut required an experienced payments partner. According to Nikolay Storonsky, Founder and CEO of Revolut, “With both acquiring and issuing capabilities Paysafe is a one-stop shop.”
A Principal Member of MasterCard International Inc., and authorised by the UK Financial Conduct Authority (FCA) to issue electronic money in 32 European (SEPA) countries, the company provides a compliant connection between Revolut and the scheme network. This enables secure transaction processing and the settlement of funds, along with full regulatory compliance. Acquiring services provided by Paysafe enable Revolut’s customers to load funds to their accounts.
Paysafe allows Revolut’s customers to hold funds in GBP, EUR and USD, and to spend with a globally-accepted multi-currency Prepaid MasterCard card linked to their Revolut account. As soon as the account is set up, a virtual card can be used for online purchases. There is the option of a free physical card for use in-store and to withdraw cash at ATMs, which can be delivered within 2 working days in the UK.
Through this partnership, Revolut has been able to leverage the Paysafe Group’s longstanding expertise in delivering secure and innovative payment solutions. Nikolay confirms, “We chose to work with Paysafe due to their flexibility and embracing attitude towards startups. They have been agile in integrating our services and supportive of our ambition to change the way money is transacted, sent and spent around the world.”
In partnership with Paysafe, Revolut was recently named the Best Emerging Payments Start-Up at the Emerging Payments Awards. Paysafe can support a wide variety of Prepaid Programmes – from white-label prepaid cards to bespoke solutions.
In partnership with Paysafe, Revolut was recently named the Best Emerging Payments Start-Up at the Emerging Payments Awards. Paysafe can support a wide variety of Prepaid Programmes – from white-label prepaid cards to bespoke solutions - www.paysafe.com/cardsolutions
“Optimal Payments Limited (trading as Paysafe) is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900015) for the issuing of electronic money and payment instruments, pursuant to a licence from MasterCard International Inc. MasterCard is a registered trademark of MasterCard International Inc.”
About Andrea Dunlop
Andrea Dunlop has over 23 years’ experience in Information technology, payments and the financial sector. Prior to joining Paysafe in 2013, Andrea was responsible for the successful delivery of Visa Europe’s Olympic NFC programme and the Visa Europe Mobile Gateway solution. Andrea has extensive experience in delivering complex programmes for large high transactional ecommerce and financial companies such as Visa, Barclaycard, MasterCard, and Experian.
About Paysafe Group Plc
Paysafe is a global provider of payment solutions, trusted by businesses and consumers in over 200 countries and territories to move and manage billions of dollars each year. Merchants use our acquiring services and gateway platforms to simplify how they accept credit and debit card, direct-from-bank, and alternative and local payments; whilst Paysafe’s NETELLER®, Skrill® and paysafecard® services are used by merchants to increase revenues and capture new customers.
Consumers use the multilingual and multicurrency NETELLER and Net+® Card stored-value offerings to make secure and convenient payments, and payolution® for their invoices and instalment payments. Paysafe can support a wide variety of Prepaid Programmes – from white-label prepaid cards to bespoke solutions. Optimal Payments Limited (trading as Paysafe) is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900015) for the issuing of electronic money and payment instruments, pursuant to a licence from MasterCard International Inc.
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