The brands include local retailers ranging from Smyths Toys and Woodies to Arnotts and Brown Thomas; international retailers like Ikea, Amazon, JD Sports, Harvey Norman, and TK Maxx; and big brands’ online stores, including Nike, Adidas, and a range of luxury fashion houses. The full list of more than 1,000 brands is available in the app.
Regardless of the Revolut plan a customer is on, Revolut ‘Shops’ rewards users with 3% instant cashback for every purchase, as long as they start their shopping journey from the Revolut app and pay with their Revolut card in full. There are no restrictions on getting cashback from purchasing products in a sale, meaning Revolut ‘Shops’ offers cashback on top of any other savings – including promo codes and sale discounts. Cashback is automatically applied at checkout.
In ‘Shops’, users also have an option to split their payment using ‘Pay Later’, one of the first pay later products in Ireland that uses an approved credit limit, designed to focus on affordability. Qualified customers can use Pay Later for purchases up to a maximum of EUR 499, with any of their Revolut cards, including when paying with a Revolut Disposable Virtual Card, which provides an extra layer of security for online transactions.
Revolut has officially launched as a bank in Ireland in March 2022, offering their customers the option to upgrade to Revolut Bank for additional services, having their deposits protected by a deposit guarantee scheme. Deposit protection up to EUR 100,000 is guaranteed by the Lithuanian State company Deposit and Investment Insurance.
Later in 2022, Revolut has begun rolling out a Buy Now, Pay Later (BNPL) instalments payment product with customers in Ireland. 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.
In July 2022, Revolut has launched Revolut Reader in the UK and Ireland. The product is designed to simplify the payments acceptance for merchants of all kinds, whether their business is in-person or online. The launch set the tone for Revolut’s move into in-person payments, as the super app continued to diversify its offering for business customers.
Within one app, Revolut has almost everything that a customer could imagine. It has created a whole ecosystem for its customers that wouldn't let them go anywhere. It combines both retail and business banking in one app, along with device and travel insurance, investing, crypto access, and, most recently, merchant services.
Moreover, Revolut uses Open Banking to link all of a customer’s bank accounts into one interface. This offers freedom to open as many accounts as possible, allowing users to get better services for different products, as well as piggybanking, where customers can store money in different pots within a single bank account for different purposes.
Since its inception in 2015 as a facilitator of multi-currency transactions, Revolut has witnessed growth across many dimensions. The fintech has now surpassed 20 million retail customers worldwide and is now processing over 250 million transactions a month.
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