Revolut launches Pay Later in Ireland

Revolut has fully launched its ‘responsible’ ‘buy now, pay later’ (BNPL) product in Ireland, where 1.9m adults have accounts on the app.

The financial super app first released the service to a select group of customers in late June, and more than 1,000 people have since made purchases with the instalment product.

Revolut launched as a bank and captured one-third of its bank users earlier this year, and is seeing success continue to grow in the Irish market with Pay Later.

“We’re delighted to add Revolut ‘Pay Later’ to our financial super app to give our customers more control and flexibility over their personal finances, in a responsible way, by enabling them to spread the cost of purchases over three instalments,” Revolut Europe CEO Joe Heneghan.

“From assisting budgeting, to managing cash flow, we’ve had great feedback and stories from our customers who have used Pay Later as part of the early rollout, and we look forward to hearing more.”

Revolut Pay Later is the first BNPL product in Ireland with an approved credit limit, which the company says is designed to focus on affordability.

The app checks customer affordability by linking to customers’ existing bank accounts through open banking.

Qualified customers will be able to make purchases up to a maximum of €499 on any Revolut card and spread purchases across three monthly instalments, including at the time of purchase, though each customer has a bespoke limit set by the credit assessment.

There is then a 1.65 per cent fee per purchase that is repaid in the final two instalments of any purchase.

Revolut previously stated that the product will be rolled out in Poland and Romania later this year, and that the company will look to further expand in Europe from the end of 2022 onwards.