Revolut Pay can be adopted by SMEs, large businesses and start-ups, offering customers a new way to pay online.
Revolut is introducing a new feature that aims to make the online checkout process easier for consumers and reduce cart abandonment for vendors.
Revolut Pay will enable Revolut users to complete their online transactions with one click, the company said. The tool is being launched today (12 September), and it can be offered as a payment method by UK and EEA merchants when a customer proceeds to the online checkout.
The tool is already being used by merchants such as Shopify, WH Smith and Funky Pigeon. It will be available to more vendors in the coming months.
Shoppers can select Revolut Pay at the online checkout and pay via saved cards or directly via their Revolut account balance. Non-Revolut users can pay using a saved Mastercard or Visa card issued by other providers.
Revolut Pay also lets users get cashback on purchases as they spend. It has strong security features, with payments validated by methods such as Face ID and fingerprint unlock. No account number will be shared when a customer is making a payment to keep their money safe while they are shopping online.
Revolut Pay merchants can accept payments in more than 20 currencies. The company said there are low transaction fees with no hidden or monthly charges.
According to Nikolay Storonsky, founder and CEO of Revolut, the feature “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,” Storonsky added.
Revolut Pay follows the recent launch of Revolut Reader, a card reader terminal for businesses. Since 2017, the fintech company has been working to help businesses manage transactions and their finances with Revolut Business.
SMEs can add Revolut Pay to their web and mobile checkout pages and be operational in minutes using Revolut’s plug-ins.
Larger businesses and start-ups can use Revolut Pay’s plug-in API and software development kits that allow enterprises to go live in a matter of days.
Plum comes to Ireland
Meanwhile, UK-headquartered investments and savings management platform Plum has launched its services in Ireland today. The platform is offering Irish customers debit cards and stock investing.
Plum uses AI-powered tech to help customers make informed choices about their finances. Its app has more than 1m users, and the company is also launching its new services to customers in France, Spain and Belgium.
“As consumer prices are sharply on the rise, we wanted to move swiftly to bring stock investments to Irish customers, especially as high inflation erodes the value of their hard-earned savings,” said Victor Trokoudes, CEO and co-founder of Plum.
“Historically, investing in the stock market has often been the best to prevent inflation eroding the value of your money over the long term.”
Plum’s plum-coloured Visa debit card allows users to pay online or to withdraw cash without additional fees anywhere in Europe. Payments can be made online, via contactless or directly at the merchant. Customers can load their card directly from a bank account or from their primary pocket account through the Plum app.
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