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Revolut aims to disrupt payments industry with Revolut Pay

The launch of Revolut Pay marks the latest stage in Revolut's bid to become a "super app". Revolut will charge retailers fees of around one per cent for the service.

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Revolut Pay/ Revolut

Revolut’s bid to become a “super app” has moved a step closer with the launch of a one-click payment feature.

Revolut Pay aims to disrupt the payments industry and will compete against the likes of PayPal, Apple and other tech powerhouses.

Merchants across the UK and Europe can use Revolut Pay as a payment method across product, cart, and checkout pages. 

Revolut has signed up retailers including Shopify, Prestashop and WH Smith to Revolut Pay, which will also soon be available across the airline industry.

Payments will be validated by Face ID, or fingerprint ID, Revolut said, with no sharing of account numbers.

Revolut Pay is a fast, frictionless and secure method to checkout online or on mobile," Revolut said.

"Consumers can pay with just one click and earn cashback on purchases as they spend. Existing Revolut users can use Revolut Pay and pay via saved cards or directly via their Revolut account balance."

Those who aren’t Revolut customers can use the feature with payment cards from other providers. 

In an interview with Bloomberg, Thibaut Genevrier, head of merchant acquiring, said that Revolut Pay was an indication that the fintech had achieved “critical mass”.

“We want to be on the top 1,000 e-commerce websites in Europe. We want to be right there in the checkout and have merchants improve their conversion rate,” he said.

He said that businesses would be paid within 24 hours, which he said was quicker than some rivals. Revolut will charge retailers fees of around one per cent for the service. 

Nik Storonsky, co-founder & CEO of Revolut said: “With its speed, convenience, security and low pricing, Revolut Pay gives merchants a competitive advantage in a rapidly growing e-commerce market. 

"At Revolut, we constantly strive to make it faster, easier and cheaper for merchants of all sizes to accept payments, wherever they are, and to make it more convenient and secure for customers to pay. That’s why we’re launching Revolut Pay.”

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