Since last week, the neobank Revolut has offered merchants the possibility of adopting an alternative to PayPal and Stripe: Revolut Pay. Its new online payment platform promises the fastest and most secure customer experience. Its other advantage: more than 20 million people chose to open a Revolut account across the world. Offering a simplified interface to facilitate payment can greatly motivate them to make the purchase.
Until now, Revolut had never offered services for merchants. The neobank focused on the other side of payment, namely customers, to equip them with a bank card and a current account. Revolut Pay will be visible on the e-commerce sites of companies that have chosen to install it among their payment proposals, as is the case today with PayPal, Klarna or Google Pay. Many customers have adopted these methods as they allow not to enter their credit card information.
For all customers who do not have a Revolut card, the Revolut Pay service will still offer them the option of registering their card so that they do not have to re-enter details for a future purchase.
The Revolut Pay customer experience is also more secure. As is already the case for most other payments with the card on the Internet, the Revolut application will force its customers to go through a double authentication, in other words to accept payment via their smartphone, by authenticating themselves by word. password, FaceID, or fingerprint (depending on your smartphone model).
In the event of a problem with a payment, Revolut opens its customer service to all those who would like to file a complaint. The support platform takes the form of an online chat.
Revolut has long been attached to this idea of protection for online purchases and is one of those rare establishments to offer ephemeral virtual cards, which are destroyed after each payment to avoid any fraud. On Premium accounts, this feature is unlimited.
To deploy quickly, Revolut Pay has forged links with Shopify and Prestashop. These two companies allow merchants to create e-commerce sites easily and millions of them use their services. The neobank has announced that future partnerships with airlines will be presented in the coming months. As for the fees charged to partner customers, Revolut sets everything at 1%.
This new strategic plan is not only there for e-commerce. Revolut Pay arrives in parallel with the launch of a physical payment terminal, presented by the neobank in early July. A way to overshadow, this time, names like Ingenico (Worldline), Square, SumUp and iZettle (PayPal).
With this panoply of solutions, Revolut wants its name and its use not to be limited to that of a second-rate neobank, which only offers a bank card linked to a current account. A real bet in view of the macroeconomic situation and the cost of such an investment in an ultra-competitive market.
Annual fee: €0 • Initial deposit: €0
Check deposit: ✘ • Cash deposit: ✘
Monthly cost of the card: 0 €
Euro zone withdrawals: Free up to €200 per month • Euro zone payments: Free
Foreign currency withdrawals: Free up to €200 per month • Foreign currency payments: Free