Revolut introduces ‘one-click checkout’ process for online shoppers
Revolut Pay can be adopted by SMEs, large enterprises and start-ups. It claims to have no hidden or monthly fees for online sellers.
Popular fintech platform Revolut is introducing a new feature, called Revolut Pay, which aims to make the online checkout process easier for consumers, while reducing cart abandonment for vendors.
Revolut Pay will allow Revolut users to complete their online transactions with just one click, the platform says. The tool is launching today (September 12) and can be offered as a payment method by merchants in the UK and EEA when a customer checks out online.
The tool is already used by merchants such as Shopify and Funky Pigeon. It will be available to more vendors in the coming months.
Revolut Pay allows users to earn cash back on purchases as they spend. It also has powerful security features, such as Face ID and fingerprint unlock. No account number will be shared when a customer makes a payment to protect their money while shopping online.
Revolut Pay merchants can accept payments with relatively low fees in over 20 currencies. The tool aims to help online merchants solve the problem of cart abandonment, which is a problem for some due to confusing checkout processes.
According to Nikolay Storonsky, Founder and CEO of Revolut, this feature “gives merchants a competitive edge in a rapidly growing e-commerce market“. Revolut Pay claims to have no hidden or monthly fees.
“At Revolut, we are constantly striving to make it faster, easier and cheaper for merchants of all sizes to accept payments, wherever they are, and to make payment more convenient and secure for customers. . This is why we are launching Revolut Pay,” Storonsky added.
Revolut Pay follows the launch of Revolut Reader, a card reader terminal, in July. Since 2017, the fintech has been working to help businesses manage their transactions and finances with Revolut Business.
SMBs can add Revolut Pay to their web and mobile payment pages and be up and running in minutes using Revolut’s plugins.
Large businesses and start-ups can use Revolut Pay’s set of plugin APIs and SDKs that get businesses up and running in days.
Online shoppers don’t have to be existing Revolut users to use Revolut Pay. Non-Revolut users can pay using a registered Mastercard or Visa card issued by other providers.
Meanwhile, UK-based investment and savings management platform Plum has also launched its services in Ireland today. The platform offers Irish customers debit card payments and equity investments.
Plum uses AI-powered technology to help customers make informed choices about their finances. Its application has more than one million users and the company is also launching its new services to customers in France, Spain and Belgium.
“As consumer prices are rising sharply, we wanted to move quickly to bring equity investment to Irish clients, especially as high inflation is eroding the value of their hard-earned savings. Historically, investing in the stock market has often been the best way to prevent inflation from eroding the long-term value of your money,” said Victor Trokoudes, CEO and co-founder of Plum.
Plum’s plum visa debit card allows users to pay online or withdraw cash at no additional cost anywhere in Europe. Online payments can be contactless or direct to the merchant. Customers can load their card directly from a bank account or from their primary pocket account through the Plum app.
10 things you need to know straight to your inbox every weekday. Sign up for the brief dailythe summary of essential science and technology news from Silicon Republic.