Following this announcement, the companies will focus on providing customers with a secure, one-click checkout experience with the use of Revolut Pay.
Revolut Pay is expected to give clients the opportunity to access an optimised purchasing journey, as it will focus on reducing friction by cutting down the number of steps it usually takes for users to pay, as well as keeping transactions secure and decreasing the possibility of fraud. In addition, the companies aim to reduce the cart abandonment rates for these payment journeys.
As multiple individuals and businesses invest in rewarding experiences such as travel, it is important for clients and airlines to know their transaction experiences are safe, efficient, and fast. In order to make sure that these high-value payments are processed securely, airlines need to leverage Strong Customer Authentication (SCA) in the process of making transactions. This regulation was launched for the region of Europe and required airline customers to have to pass an extra authentication check at the moment of their payment. Businesses and companies incorporated these procedures into their checkout process in order to protect their online payments, even if some clients choose to abandon the purchase altogether because of the time needed to complete the payments.
Revolut Pay will cut the checkout process down for Revolut customers, providing them with the possibility to access built-in security measures as well. Users will need to choose Revolut Pay at checkout, then leverage the application in order to authorise the payment with a passcode or biometric ID check.
The application will also deliver support in case of payment issues, such as the moment when a customer’s account balance won’t cover the payment amount. In this case, the company will send them a quick notification, allowing users to use a saved card in order to make the purchase. The firms will focus on improving the overall authorisation rate by making transaction approvals easier for clients and removing insufficient funds' failures.
Revolut Pay was developed in order to combine account-to-account technology with traditional payment processing methods, aiming to optimise the manner in which merchants develop their checkout conventions, costs, and speed. In addition, the payments that are made via Revolut Pay will settle into the Revolut Business account of merchants within 24 hours.
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