Revolut Pay offers fast and secure one-click checkout and options to get cashback, giving consumers an excellent payment experience.
Summary
Revolut Pay: Revolut’s new feature for online payments
September 12, 2022 – Revolut, the global financial super app with more than 20 million customers, today launched Revolut Pay, a new secure online payment feature that enables merchants in the UK and European Economic Area to present “Revolut Pay” as a payment method on product, shopping cart and checkout pages.
Revolut Pay aims to revamp the payments ecosystem by making online shopping even easier as it facilitates direct payments while providing maximum security for Revolut users: payments will be validated via secure features such as Face ID or fingerprint unlocking, without sharing an account number. This mode will help prevent fraud and keep users’ money safe during purchases.
Revolut Pay is a fast, simple and secure way to make payment online or on a mobile device. Consumers can pay with a single click and earn cashback on purchases as they spend. Existing Revolut users can use Revolut Pay by paying with saved cards or directly with their Revolut account balance. Non-Revolut users can just as easily pay using saved Mastercard or Visa cards issued by any other provider.
Revolut Pay solves the problems of both vendors and their customers. In fact, online merchants lose up to 80% of their sales due to shopping cart abandonment, while users often cite lengthy and confusing online payment processes and limited choice of payment methods as reasons for abandoning a website before purchase. Revolut Pay will reduce cart abandonment through fast and smooth payment.
Revolut Pay for merchants
Revolut Pay merchants can accept payments with low fees in more than 20 currencies. Revolut Pay follows the launch of Revolut Reader last July, a card reader payment terminal, as well as the launch of Revolut’s 2020 payment acceptance platform that enables businesses to easily accept payments.
Since the launch of Revolut Business in 2017, Revolut has developed 20 products designed to enable businesses to increase conversions and manage finances more effectively. Revolut Pay is already being used by companies including Shopify and Prestashop and will be available to additional retailers in the coming months.
Revolut Pay is based entirely on Revolut’s payment technology and represents another step toward building the company’s payment ecosystem, through which Revolut enables transactions between retail and business customers. Revolut’s new direct payments solution will also offer lower fees to its business customers.
Nikolay Storonsky, Founder & CEO of Revolut, states:Â
“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.”
Benefits of Revolut’s new service
Revolut Pay’s features include:
- a new way to pay quickly and smoothly;
- High levels of security leveraging two-factor authentication when needed;
- low transaction fees with no hidden or monthly fees.
With Revolut Pay, funds will be credited directly to the merchant’s Revolut Business account within 24 hours at no additional cost (compared to businesses that typically receive funds credited to their account in up to seven days and must pay when funds arrive more quickly).
Next-day funds are deposited directly into the Revolut Business account.
SMEs can add Revolut Pay to their web and mobile payment pages and be up and running in minutes via easy-to-install plug-ins.
For large companies and start-ups, Revolut Pay offers a series of easy-to-integrate plug-in APIs and SDKs (Software Development Kits) that enable companies to become operational within days.
Option to incentivize customers with cashback on their purchases
Revolut Business is a financial super app for businesses that rapidly improves the way start-ups, scale-ups, and larger companies accept and make payments, control expenses, and empower their teams. Its mission is to help businesses globally, from day one, from anywhere. Launched in 2017, today hundreds of thousands of companies rely on Revolut Business as their growth platform.
