Revolut said its card reader will let businesses accept payments anywhere, with fast speeds and competitive transaction fees.
Revolut plans to launch a card reader for businesses in the UK and Ireland – the company’s first hardware device as it moves into in-person payments.
The device, called Revolut Reader, comes with a rechargeable battery and accepts transactions made with debit cards, credit cards and contactless payment methods such as Google Pay and Apple Pay.
The UK neobank said the card reader will let companies accept payments anywhere, whether they have an “in-person or on-the-go” business.
It added that the card reader takes less than five seconds for payments and lets users accept, settle and store payments within a single account. The company is also promising competitive transaction fees.
Revolut said the card reader can be adapted to other point-of-sale systems within a business. The company also plans to create its own point-of-sale option with Revolut Business in the coming month to offer more flexibility to larger businesses.
Last year, Revolut acquired Nobly, a London-headquartered business that provides point-of-sale software.
Revolut Business customers with a merchant account can be connected to Revolut Reader and access tools that cover IBAN for global transfers, payment requests, expenses, subscriptions, payroll and company card management services.
“When designing new products, our team always has customer needs in mind: a fast and easy-to-use solution that will not slow business down, easy access to funds, and receiving payments faster than the industry standard of two to three business days,” said Revolut product owner Maria Garcia Marti.
“Plus, the security and long battery-life of a small pocket-sized device, capable of streamlining operations without the need to manage multiple accounts and systems,” she added. “This is exactly what Revolut Reader is offering our business customers.”
Revolut has more than 18m retail customers, with more than 1.7m of those in Ireland, and more than 500,000 corporate clients worldwide.
The neobank has been taking leaps into new areas in recent months. It recently shared plans to roll out a buy now, pay later service in Europe, though it will have to compete with Klarna and a growing number of other players.
10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republic’s digest of essential sci-tech news.