Revolut was founded in London in 2015 by Russian Nikolay Storonsky and Ukrainian Vlad Yatsenko
(Picture: Revolut)London fintech business Revolut has launched its first card reader as it targets the high street retail market.
The pocket-sized device, known as the Revolut Reader, is set to charge retailers transaction fees of 0.8% plus 2p and will process payments faster than the industry standard of two to three business days, according to Revolut.
The mobile card reader market is set to grow by £1.7 billion between 2020 and 2024, Technavio figures suggest, as retailers stop accepting cash payments in favour of cashless alternatives. Just 17% of payments were made using cash in 2020 according to figures from UK Finance.
It comes after Canary Wharf based Revolut announced a move into Europe’s buy now, pay later market with its “Pay Later” service, vying with Apple’s “Pay Later” offering, as tech firms rush to develop delayed payments services to secure market share.
Founded in London in 2015 by Russian Nikolay Storonsky and Ukrainian Vlad Yatsenko, Revolut has 18 million customers and processes 150 million transactions per month. The company was valued at $33 billion after a funding round in July 2021.
The company has yet to have been granted a banking license after having made an application at the beginning of 2021.
