Revolut makes “big play” into e-commerce payments with new service launch

Revolut, the London based financial ‘super app’ with over 20 million retail customers, has launched Revolut Pay, a new secure online checkout feature.

Revolut Pay aims to disrupt the payments ecosystem by making shopping online “even easier” as it facilitates direct payments, while providing “best-in-class” security for Revolut users

Payments will be validated via secure features such as Face ID, or fingerprint unlock, and no account number will be shared. This, in turn, will help to prevent fraud and keep users’ funds safe while shopping. Non-Revolut users can pay just as easily by using saved Mastercard or Visa cards issued by any other providers.

Revolut Pay seeks to solve problems for vendors as well as shoppers: online merchants lose up to 80 per cent of their sales due to customers abandoning their shopping carts. Shoppers often cite “long and confusing” online checkout processes and “limited choice of payment methods” as reasons for leaving a website before they purchase.

Thus, Revolut Pay is set to reduce cart abandonment with its “fast and frictionless” checkout. Additionally, merchants can accept payments with low fees in more than 20 currencies.

Revolut Pay follows the launch in July of Revolut Reader, a card reader payment terminal, as well as the launch of Revolut’s payment acceptance platform in 2020 for businesses to accept payments easily.

Since launching Revolut Business in 2017, Revolut has developed 20 products designed to “empower” businesses looking to increase conversions and more effectively manage finances.

Revolut Pay is already being used by merchants including Shopify, Prestashop, WH Smith and Funky Pigeon, and will become available on more vendors in coming months, including Club L London and the flight booking company FlyGo.

Nikolay Storonsky, founder & CEO of Revolut, commented: “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.”

By Matthew Neville – Correspondent, Bdaily

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