Revolut has announced the launch of ‘Revolut Pay’, its new one-click payment feature for online purchases.
The digital bank launched an online checkout feature that allows UK and European merchants to present it as a payment method.
Revolut claims that the new product will make online shopping “even easier as it facilitates direct payments” which will be validated through Face ID or fingerprint unlock, with no account numbers being shared.
The company also highlights additional features such as low transaction fees with no hidden charges in over 20 currencies, funds settled within 24 hours in merchants’ Revolut Business accounts, and cashback incentives for customers.
“With its speed, convenience, security and low pricing, Revolut Pay gives merchants a competitive advantage in a rapidly growing e-commerce market,” says Nikolay Storonsky, founder and CEO of Revolut.
Revolut stats revealed where Irish people are splashing the cash and cutting back. A Revolut spokesperson said the latest August data appears to indicate that inflation is having a sharp impact on spending habits in Ireland.
“Despite supermarket spending staying relatively the same, the number of transactions increased, suggesting people are buying little bits, as and when they need them, rather than a big shop which could result in food wastage,” they said.
“Although fuel costs declined, reports suggest these lower costs aren’t being passed onto consumers. Our data shows this is encouraging public transport use, as the number of people using buses increased 103pc, and the number of transactions increased by 106pc, year on year.”