Revolut Pay will also be available within the airline industry in the coming months, according to a statement from the UK-based fintech. Businesses will be paid within 24 hours and would be charged fees of about 1% for the service.
The payment feature, running on Revolut’s in-house software, will enable consumers to earn cashback on purchases through mobile and desktop browsers. Shoppers who aren’t Revolut customers can use the feature with payment cards from other providers.
According to the company officials, Revolut Pay should be taken as a sign the firm has reached critical mass, having branched out from its original prepaid card into a range of financial services for both consumers and businesses.
Revolut is due to file its annual accounts by the end of September 2022. The company has denied it’s seeking to reduce costs following a report in the Financial Times that it had rescinded some job offers and was in the middle of a cost-cutting review.
Revolut Pay aims to disrupt the payments ecosystem by making shopping online easier as it facilitates direct payments, while providing security for Revolut users: payments will be validated via secure features such as Face ID, or fingerprint unlock, and no-account number will be shared. This in turn will help to prevent fraud and keep users’ funds safe while shopping.
Revolut Pay features include:
two-factor authentication when needed,
low transaction fees with no hidden or monthly charges,
funds settled directly into a merchant’s Revolut Business account within 24 hours at no extra cost,
SMEs can add Revolut Pay to web and mobile checkout pages and be up-and-running in minutes via plug-ins,
for larger businesses and startups, Revolut Pay has a different set of plug-in APIs and SDKs (Software Development Kits) that allows enterprises to go live in a matter of days,
option to incentivise customers with cashback on their purchases.
Founded in 2015, Revolut has run services for businesses for the past five years. It launched a card reader in July 2022, adding to the payments ecosystem. The product is designed streamline 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 continues to diversify its offering for business customers.
In June 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 April 2022, the company was announcing that it was working on expanding into decentralized cryptocurrency wallets and is also looking at the mortgage sector, as it was pushing ahead with its strategy to become a super app.
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