Revolut’s Pay Later product enables consumers to spread the cost of purchases up to EUR 499 across three instalments and can be used for both online and in-store purchases.
The new service involves an approved credit limit for customers, a first in the BNPL market. Unlike other providers, the service does not require partnership between retailers and Revolut, making it more like a traditional credit card.
A fee of 1.65 pc per purchase will be charged and repaid as part of the final two instalments. There is no penalty for early repayment.
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