Revolut’s new subscription management tool aims to help users see how much they are spending on scheduled payments and when each payment is due.
Revolut has announced the launch of a new subscription management feature on its app to help users manage subscriptions, direct debits and recurring payments in one place.
The company first hinted about the introduction of a subscription management tool at the close of its latest funding round in July.
In a statement, Revolut has now said that the new ‘Subscriptions’ feature will allow customers to see their subscriptions, bills and direct debits in a single location within the company’s app. It will notify users when bills are due, when subscriptions need to be paid and if users need to add money to their account to cover a scheduled payment.
The company said that this can help users see how much they are spending on each scheduled payment and with each individual merchant. Revolut also plans to introduce a feature to notify users when a trial period is coming to an end so that they can decide if they want to continue a subscription or block the scheduled payment.
“Having a single overview of all subscriptions means that Revolut customers can easily spot any outdated or unwanted subscriptions and block them with a tap – saving them money and ensuring that they never worry about overspending,” Revolut said. “If they change their mind, they can unblock their subscription again just as easily in the app.”
With its recent $80m funding raise, Revolut said that it aims to strengthen its core retail and business offerings in existing markets, with a focus on product development to accelerate daily usage of accounts. Subscription management was one of the features the company said it would introduce for its 12m registered users, along with new credit products.
Last week, Revolut said it would temporarily move Irish accounts to Lithuania as its UK e-money licence will not be valid here post-Brexit. The company has around 1m users in Ireland.