Revolut has launched a new feature today which it hopes will rival PayPal and Apple Pay.
Revolut Pay launched this morning and will allow customers to pay for goods and services online with a single click. The new feature can be adopted by small and large businesses and claims it has no hidden costs of monthly fees for online vendors.
Revolut Pay aims to make checkouts easier for consumers, while also reducing cart abandonment for vendors. From today, it can be offered as a payment method by UK and EEA merchants.
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It's already being used by merchants such as Shopify and Funky Pigeon with more expected to become available.
Revolut Pay also lets users get cashback as they spend.
No account information will be shared online as the payments will be secured using Face ID or fingerprint unlock. Revolut Pay merchants will be able to accept payment with relatively low fees.
Nikolay Storonsky, the chief executive and founder of Revolut explained that this feature gives merchants "a competitive advantage".
“At Revolut, we constantly strive to make it faster, easier and cheaper for merchants of all sizes to accept payments, wherever they are, and to make it more convenient and secure for customers to pay. That’s why we’re launching Revolut Pay,” Storonsky said.
Online shoppers don't necessarily need to be existing Revolut customers to use Revolut Pay.
Revolut believes these measures will also reduce cart abandonment as payments will be easier.
Businesses will be paid within 24 hours, which the fintech company claims is up to six days faster than other payment platforms.
In order to use the Revolut service, merchants will be charged about 1 per cent in fees.
Bottom line
Revolut continues to expand. Back in July, the fintech company announced the launch of its first hardware device for business customers in Ireland and the UK, marking Revolut’s move into in-person payments.
The Revolut Reader was designed to allow businesses of all kinds to accept payment anywhere, including debit and credit cards via chip and pin, contactless, Google Pay and Apple Pay.
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