Revoluta global financial app with over 20 million retail customers, launches Revolut Pay, a new secure online payment feature which allows merchants in the European Economic Area and the United Kingdom to incorporate “Revolut Pay” as a payment method on product pages, in the cart and at checkout.
Revolut Pay aims to transform the payment ecosystem, making online shopping even easier by facilitating direct payments, while providing maximum security for Revolut users. Payments will be validated through secure features like Face ID or fingerprint unlock, and no account numbers will be shared. This, in turn, will help prevent fraud and keep users’ funds safe while they shop.
Revolut Pay is a fast, secure and frictionless way to pay on-line or with the mobile. Consumers can pay with one click and earn cash (cash-back) on purchases as they spend. Existing Revolut users can use Revolut Pay and pay via cards on file or directly from their Revolut account balance. Those who are not yet Revolut users can pay just as easily using their saved Mastercard or Visa cards issued by any other provider.
Fast and frictionless payment process
Revolut Pay will solve problems for both merchants and shoppers: online merchants lose up to 80% of their sales due to customers abandoning their shopping carts. Shoppers often cite long, confusing online shopping processes and limited payment options as reasons for leaving a website before buying. Revolut Pay will reduce cart abandonment thanks to its fast and frictionless checkout process.
Revolut Pay merchants can accept low-fee payments in over 20 currencies. Revolut Pay arrives after launching in July Revolution Reader. This is a payment terminal with a card reader, as well as the launch of the Revolut payment acceptance platform in 2020 so that merchants can easily accept payments.
Since Revolut Business launched in 2017, Revolut has developed 20 products designed to help businesses looking to increase conversions and manage their finances more effectively. Revolut Pay is already being used by merchants like Shopify, PrestaShopamong others, and will be available to more providers in the coming months, including flight booking company FlyGo.
Revolut Pay is entirely based on Revolut payments technology and is a step towards building the Revolut payments ecosystem, whereby Revolut enables transactions between consumer and business customers. Revolut’s new direct payment solution will also offer lower commissions to its business customers.
With its speed, convenience, security and low price, Revolut Pay gives merchants a competitive advantage in a rapidly growing e-commerce market. At Revolut, we’re constantly striving to make it faster, easier and cheaper for merchants of all sizes to accept payments, wherever they are, and for customers to pay more conveniently and securely. That’s why we launched Revolut Pay.
Nikolay Storonsky, Founder & CEO of Revolut.
Features of Revolut Pay
Revolut Pay features include:
- A new way to pay that’s fast and frictionless
- The best security, using two-factor authentication when necessary
- Low transaction fees with no hidden or monthly fees
- With Revolut Pay, funds are cleared directly into the merchant’s Revolut Business account within 24 hours at no additional cost (compared to businesses that typically receive funds cleared into their account within up to seven days and have to pay for funds arrive faster)
- SMBs 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 companies and startups, Revolut Pay has a set of easy-to-integrate API plug-ins and SDKs (Software Development Kits) that allow businesses to get up and running in a matter of days.
- Option to incentivize customers with money back on their purchases