Revolut, the financial super app with over 20 million retail customers, launched Revolut Pay – a new secure online checkout feature which allows UK and EEA merchants to present ‘Revolut Pay’ as a payment method across product, cart, and checkout pages.
Revolut Pay aims to disrupt the payments ecosystem by making shopping online even easier as it facilitates direct payments, while providing strong 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 is a fast, frictionless and secure method to checkout online or on mobile. Consumers can pay with just one click and earn cashback on purchases as they spend. Existing Revolut users can use Revolut Pay and pay via saved cards or directly via their Revolut account balance. Non-Revolut users can pay just as easily by using saved Mastercard or Visa cards issued by any other providers.
Revolut Pay will solve problems for vendors as well as shoppers: online merchants lose up to 80 per cent of their sales due to customers abandoning their shopping carts. Shoppers often cite long and confusing online checkout processes and limited choice of payment methods as reasons for leaving a website before they purchase. Revolut Pay will reduce cart abandonment with its fast and frictionless checkout.
Revolut Pay merchants can accept payments with low fees in more than 20 currencies. Revolut Pay follows the launch in July of Revolut Reader, a card reader payment terminal, as well as the launch of Revolut’s payment acceptance platform in 2020 for businesses to accept payments easily.
Since launching Revolut Business in 2017, Revolut has developed 20 products designed to empower businesses looking to increase conversions and more effectively manage finances. Revolut Pay is already being used by merchants including Shopify, Prestashop, WH Smith and Funky Pigeon, and will become available on more vendors in coming months, including Club L London and the flight booking company FlyGo.
Revolut Pay is powered entirely by Revolut’s payment technology and is a move towards building Revolut’s payments ecosystem, whereby Revolut enables transactions between retail and business customers. Revolut’s new direct payments solution will also deliver lower fees for its business customers.
Nikolay Storonsky, founder and CEO of Revolut said: “With its speed, convenience, security and low pricing, Revolut Pay gives merchants a competitive advantage in a rapidly growing e-commerce market. 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.”
Revolut Pay features include:
- A new way to pay that’s fast and frictionless
- Best-in-class security, leveraging two-factor authentication when needed
- Low transaction fees with no hidden or monthly charges
- With Revolut Pay, funds will be settled directly into a merchant’s Revolut Business account within 24 hours at no extra cost (compared to businesses typically receiving funds settled to their account in up to seven days and having to pay for quicker funds arriving)
- SMEs can can add Revolut Pay to web and mobile checkout pages and be up-and-running in minutes via our easy-to-install plug-ins
- For larger businesses and start-ups, Revolut Pay has a set of easy-to-integrate plug-in API 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