Revolut ‘Shops’ is the fintech’s big eCommerce play

Revolut is hoping to become the online shopping destination of choice for its over two million Irish customers, as part of the launch of Revolut Shops today.

Shops essentially lets Revolut users browse and buy products from over 1,000 Irish online retailers, all from within the Revolut app.

Retailers involved in the launch include the likes of Ikea, TK Maxx, Smyths Toys, Amazon, JD Sports and brands that operate their own online stores like Nike and Adidas.

As an added incentive, Revolut is offering customers who use Shops 3 per cent instant cashback on their spending, and the ability to split their payments using Revolut’s recently-launched Pay Later service.

“We’re delighted to add Shops to our superapp,” said Christopher Guttridge, Revolut’s general manager of lifestyle products.

“Shops helps our customers get the most out of every penny with cashback rewards, or helps them spread the cost of purchases for more expensive periods of the year, such as the Christmas holidays.”

In particular, Gutteridge highlighted the fact that Revolut Shops pays its cashback instantly upon checkout, unlike many other cashback products that can take up to three months to pay out.

“As the cost of living rises, we are delivering ongoing product innovations aimed at meeting our customers’ everyday financial needs and aspirations, whilst giving them more financial control.”

For a small country of just over 5 million people, Revolut has achieved an incredible level of market penetration, with close to 40 per cent of the Irish population having a Revolut account.

With the launches of Shops and Pay Later, Revolut is clearly using the Emerald Isle as its testbed for new products and services.

We’ll have to see how this latest test goes, and whether Shops will soon expand beyond Ireland.