Revolut launches a new type of payment product throughout Europe

The digital bank Revolut has announced that their new product, called Pay Later, will be the first BNPL product in Ireland, and then across Europe, to use an approved credit limit with an availability report.

In addition, customers will decide for themselves when to use the “Pay Later” service, instead of being limited to certain commercial partnerships.

Revolut received a full banking license from the ECB

Almost € 400 million are deposits and loans are € 12 million.

To date, 1.9 million people have a Revolut account in Ireland alone, where the Pay Later service will initially be introduced. Then the bank will try to offer its product in other European markets from the end of 2022. it is already known that the first after Ireland to have access to the service are Poland and Romania.

More about the service

Customers will be able to use Pay Later for purchases up to a maximum of 499 euros and distribute the purchase costs in three monthly installments, the first installment will be paid in advance by the customer at the time of purchase, followed by two monthly installments.

A 1.65% purchase fee is also paid as part of the last two installments. After checking customer availability by connecting to customers’ existing bank accounts through open banking, Revolut assesses the customer’s suitability for Pay Later. Unlike other BNPL providers, Revolut approves the pre-transaction credit limit instead of offering a point-of-sale payment method.

Revolut launches credit cards in the largest economy

Revolut launches credit cards in the largest economy

The British company continues its expansion

See also  - Russia sends almost everything they have

Integrated into the app, once approved, Revolut users can activate Pay Later when selecting and reviewing their balance of payments later in the Cards section.

The clients of the digital bank can also repay the installments ahead of time, without additional fees.

“Pay Later is an exciting and fast-growing area of ​​personal finance and consumer spending, and we are excited to add Revolut customers to this financial super application. It gives freedom by encouraging people to pay within two months instead of requiring overdrafts and credit cards, “said Joe Hennegan, CEO of Revolut Europe.

After receiving a license from the Central Bank of Lithuania years ago, from the winter of 2021 Revolut has been operating as a bank in Bulgaria under the single passport in the EU and is registered with the Bulgarian National Bank.

From July 1 this year, the digital bank will provide a deposit service to its customers in Bulgaria.

The stage was established in 2015 and already has over 16 million clients, who use its services – including the trading of shares and cryptocurrencies. Зpez July last year The company raised $ 800 million with an estimated $ 33 billion.

Revolut will issue deposits in Bulgaria in 2022

Revolut will issue deposits in Bulgaria in 2022

The conditions for the new product have not been announced yet

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.