Most recently, Revolut announced the UK launch of its Tap-to-Pay on iPhone service, making it possible for Revolut Pro and Revolut Business clients to accept contactless payments.
Additionally, it entered the New Zealand market in July after a 12-month trial in an effort to improve the digital experience for Kiwis and spur competition. With the debut, locals may use Revolut to get quick, fee-free currency conversion, P2P payments, and split group bills.
Customers could also send and spend money in more than 200 different currencies without paying any additional fees.
Joint Accounts, a success
Following the successful rollout of its Joint Accounts feature to European markets in April, the world’s leading financial super app Revolut has announced the availability of this product in the UK.
Revolut, which serves more than 30 million clients globally and 100,000 joint users in the European Economic Area (EEA), introduced Joint Accounts in an effort to expand financial inclusion and flexibility and to meet the demands of all consumers as well as those of their close friends and family members.
Revolut’s Joint Accounts service capabilities
According to the information provided in the announcement, the Joint Accounts feature will allow users to open a second account within the Revolut app that would be shared by two people, whether they are lovers, relatives, or acquaintances. The business argues that by combining resources and enabling the management of a shared budget, these new accounts give clients greater freedom in managing their financing.
The super app offers a streamlined account opening process that can be finished in three simple steps in an effort to actively alter the stigma that many people experience when opening a joint account. As a result, Joint Accounts and Revolut 18 have the potential to become a hub for family finances, though they may be used equally by all kinds of duos, including partners, siblings, roommates, friends, and roommates.
According to the release, Revolut customers in Europe use Joint Accounts primarily for daily expenses, with supermarket shopping and dining out topping the list, according to the company.
Following the successful feature release to European markets in April 2023, joint accounts will be made available to consumers in the UK, according to Antonella Benhamou, Head of Banking Tribe and UX Product Owner at Revolut, who commented on the announcement.
According to their statement, Revolut aims to grow more social and inclusive while continuing to scale at a rapid rate, taking into account the demands of various people, relationships, and financial circumstances. According to the spokesperson, Joint Accounts will combine the greatest aspects of existing social and banking features to make it simple for clients to resolve financial issues with anyone with whom they share a financial existence.
Both parties must be Revolut users and have the most recent version of the app, which supports the Joint Accounts functionality, in order to setup joint accounts.
Additionally, neither participant may be a part of a second Revolut Joint Account or have an invitation pending from a different person to be a part of another account. Both individuals must have personal accounts registered within the same Revolut organization or branch (personal accounts registration entity).
