There is little doubt that technology has played an increasingly important role in global banking over recent years and led to positive disruptions in terms of how the industry operates. Fintech is a good example of this and sees finance combine with tech to offer innovative services/products to users. As a result, it pays to keep up with the latest ways to handle your own finances and find out about the newest fintech products that can help you to do this.
One example that has generated plenty of headlines since launching is Revolut. But what is this payment method all about?
What is the Revolut payment method?
Revolut is a mobile banking platform that enables users to access a range of banking services via its mobile app. It is key to note that Revolut is a registered EU bank and is able to offer its range of services on a global scale. With headquarters in London, this fintech giant was launched back in 2015 by Nikolay Storonsky and Vlad Yatsenko.
2020 saw it move beyond the UK into other territories (such as the US and Japan) and led to its workforce growing to around 6000 people. With a valuation of $33 billion in July 2021, it is estimated that the firm has around 20 million registered users to date.
Where can you use Revolut to pay for things?
Although we will look at its full range of services below, Revolut’s main attraction is its status as a reputable payment method globally. This means people with a Revolut account can pay for goods/services with it in the same way they could with a more traditional, offline bank account. This can be for both online and offline purchases.
But how does Revolut do this as a purely online banking option?
The secret lies in how the company works with well-known providers in the form of VISA and Mastercard to facilitate payments. This enables them to issue customers with debit cards to pay for things. As a result, registered users are able to pay for goods/services via their Revolut debit card in the same way as they would with any other cards of this nature.
This means that you can pay for things via Revolut anywhere that accepts VISA or Mastercard payments. Online casino gaming is a case in point and there are lots of top casinos that accept Revolut as a payment method. Although you might not see the company listed as a payment method per se at the world’s top iGaming sites, any that accept VISA or Mastercard payments will also accept Revolut.
As this equates to pretty much all the best casino sites you could game at, it is clear to see how widely accepted this payment method is in the industry. It also shows how paying for things like groceries, clothes, electronics goods, food, and much more can now be done via your Revolut card.
What services does Revolut offer to users?
Although the ability to pay for things with Revolut is one of its standout features, its status as a registered EU bank means that it also offers other services beyond that. These include
- Money transfers globally in multiple currencies
- ATM withdrawals in around 120 countries with Revolut debit card
- Crypto exchange
- Online vaults for saving/budgeting cash
- Insurance for mobile devices and overseas medical insurance
- Free bank account and free IBAN account
- No fees for exchanging in selected currencies (up to a set limit per month)
You do not have to pay to set up a standard account, users can choose from additional plans that are paid for on a subscription basis per month. These accounts include extras the standard one doesn’t⎯such as cashback and concierge services.
What advantages does Revolut offer to users?
There is always something happening in the modern banking world and this is shown to be true when you think of how companies like Revolut consistently make the latest fintech headlines. The modern finance sector also offers plenty of choice when it comes to how we pay for things. As a result, any payment method now has to deliver some real benefits to help it stand out from the crowd. But what does Revolut bring to the table in this regard?
To begin with, its status as a mobile bank is a great fit for how people like to look after their finances now and makes doing so more convenient than ever. This is great when you are thinking of making a purchase as you can check your balance first on your smartphone wherever you are before going ahead. Revolut’s banking app is also very easy to use and has an intuitive layout that offers a top-class experience.
In terms of payments specifically, the widespread acceptance of Revolut as a payment option across most sectors is a major plus. This means you can use it to pay for things in the vast majority of places⎯online or offline. As you get a physical debit card to use once registered, this is also a payment option that feels familiar and most people know how to use.
Revolut does not charge any online transaction fees, and this is a major bonus for anyone who pays for things digitally. If you like to travel, there are also no foreign transaction fees to worry about either. It is also a payment option that offers lighting quick transaction speeds and high-end security. This can be seen through features such as the ability to freeze your Revolut card if required via the app.
Revolut delivers next-gen banking
Anyone who likes to stay up to date with positive disruptions in global banking will have heard of Revolut. For those who are still a little unsure about what it is, it is best to think about it as an online mobile bank that gives users a debit card to pay for things with. With millions of users worldwide, it seems that the mobile approach to banking that it offers has found favour with many people and could see them blazing a trail for others to follow.
