The new addition will enable Revolut’s customers to receive their pay packet one full working day early.
Revolut has launched an early salary payment feature, much like Monzo’s ‘get paid early’ feature.
The new feature will allow three million Revolut customers, who meet the minimum requirements, to receive their pay cheque one day early each month.
Revolut’s new addition to its ‘financial super app’ is one step closer to the digital banking service becoming a one-stop-shop for all of its customers’ needs.
Encouraging users to pay salaries directly into accounts has been a long term challenge for neo banks. Challengers such as Revolut and Monzo have also had to renew focus on increasing revenues towards a sustainable footing during 2020’s pandemic disruption. This includes, as Revolut’s chairman Martin Gilbert recently told AltFi, encouraging customers to use them more for everyday purposes.
Revolut’s latest feature has been built by its payments partner and fellow fintech Modulr, which became one of the few non-banks to gain access to the Bank of England’s faster payments network last year.
Nik Storonsky, CEO and founder of Revolut, said: “Early access to salaries could be a genuine lifeline for many during these tough economic times.”
“With Modulr we’ve been able to deliver better services and experiences to millions of UK customers. Now more than ever, our customers across the globe need easily accessible tools to manage their finances proactively and successfully.”
The digital bank says the new feature makes it easier to work around bank holiday weekends and will help a wide range of its users, from students receiving their student loan a day early or those feeling the Covid-19-related pinch on the purse strings.
Myles Stephenson, CEO and founder of Modulr added: “Utilising our APIs and direct access to the Bank of England, Revolut can offer their customers payments solutions fit for this new normal we find ourselves in - where payments need to be instant, flexible and reliable.”
“With Modulr’s commitment to payments innovation, the partnership with Revolut is a natural fit. We’re excited to continue our journey with Revolut and look forward to seeing the future innovative releases they bring to market.”
Revolut has continued to expand its product offering, just yesterday the digital banking service launched its web app.
The fintech also recently introduced its premium Metal subscription package for its 500,000-strong SME account holders.
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