Revolut launches online payment option in bid to compete with PayPal

Payments are validated using methods such as Face ID, or fingerprint unlock

Mon, 12 Sep, 2022 - 11:41

Emma Taggart

Revolut has launched a new online payment feature which will allow customers to select Revolut Pay as a payment option when shopping online.

The one-click payment option is aimed at making checking out online "fast and frictionless" while reducing cart abandonment.

Revolut Pay has already signed up several retailers including Shopify Inc., Prestashop, WH Smith Plc and Funky Pigeon, and will be available within the airline industry in the coming months, according to a statement from the London-based fintech.

Nikolay Storonsky, founder and chief executive of Revolut said the new feature will give "merchants a competitive advantage in a rapidly growing e-commerce market". According to Mr Storonsky, Revolut Pay will make paying for online shopping "more convenient and secure for customers".

The new online checkout feature is available for EEA and UK merchants, payments are validated using methods such as Face ID, or fingerprint unlock. The online payment method will also allow consumers to earn cashback on their purchases.

Existing Revolut users will be able to use the feature to pay using their saved cards or directly via their Revolut account balance. Meanwhile, non-Revolut users will be able to use saved Mastercard or Visa cards to complete a payment using Revolut Pay.

The launch of Revolut Pay comes as the fintech company continues to expand into other payment methods with the firm launching its card payment terminal, Revolut Reader , in July. The company also chose to pilot its new buy now pay later feature in Ireland earlier this year.

Founded in 2015, Revolut has run services for businesses for the past five years.

Revolut is due to file its annual accounts by the end of the month. The company has denied it is seeking to reduce costs following a report last week in the Financial Times that it had rescinded some job offers and was in the middle of a cost-cutting review.