Revolut presents a new mobile payment offer

The online neo-bank Revolut will now offer its business customers a payment solution presented as easy and convenient. It is based on a dongle and should help the neo-bank to conquer a new market while enriching its offers for its customers.

FACTS

• Revolut Business will now offer Revolut Reader, the neo-bank's new payment service.

• The service will be available primarily in the UK and Ireland.

• It is intended for merchants to help them accept payments in mobile situations. It takes the form of a simple, small, ultra-portable box that can accept card payments, including in contactless mode. Mobile wallets that support cards are accepted.

• The payment terminal is easy to use and configure from a dedicated mobile application. When connected to a smartphone or tablet, the Revolut Reader allows users to accept payments and receive them directly (within 24 hours) into their associated Revolut Business account.

• On the pricing side, Revolut defends a competitive approach with fees of 0.8% + £0.02 per transaction, and a sliding scale but still fixed fee for businesses handling large volumes.  

CHALLENGES

• Conquering a new market: The advent of mobile and convenient payment systems has allowed disruptive new players to enter a market previously dominated by a few large companies. However, since Square (renamed Block), alternative offers have multiplied and a growing number of players are now positioning themselves with in-house offers. The latest examples are Libéo and even Apple, for example. Revolut can therefore largely justify a certain legitimacy to launch itself on this market.

• Continue to diversify: Revolut currently offers payment, insurance, savings and trading services, but has also recently entered the decentralised finance and BNPL market. The launch of its cash offer represents a new step in this strategy of multiplying services.

MARKET PERSPECTIVE

• With 18 million individual customers and more than 500,000 professional customers, Revolut is now consolidating its position as an alternative financial services provider for individuals and professionals.

• Its ambitions are still high, as illustrated by its significant dynamism in recent months. And things should not stop there for the neo-bank which has just signed a partnership with another renowned FinTech, Stripe. This partnership will allow Revolut to use Stripe's API to develop online payment services. This will further demonstrate its appetite for payment services.