Customers would stand a chance of earning 1% cashback on all their crypto balance spent.
Digital banking company Revolut has reportedly added a new crypto spending feature to its platform to enable users to make purchases with their Revolut card and pay from their crypto balances. To promote the use of the feature, Revolut customers would stand a chance of earning 1% cashback on all their crypto balances spent. The service is expected to start on November 1 and would operate for a limited time according to the company. As of now, the over 20 million personal users on the platform can access in-app trading of over 30 digital currencies.
The company has also rebranded its services to consider users between 6 to 17 years. It can be recalled that Revolut Junior was introduced in May 2020, months after its services were launched in the UK. This was to ensure that kids have access to accounts with neobanks connected to their parents’ premium accounts. Later, standard account-holding parents were allowed to enjoy the service.
The company has come up strongly since its inception with several other features including ‘Revolut me!’ which is meant to enable users to request money from their friends and family. The children’s involvement is meant to encourage good spending and saving habits at early stages through the guidance of an adult. According to Tara Massoudi, general manager of premium products at Revolut, the new yellow design of the service represents the energy, freshness, and positivity of the juniors.
“We listened to feedback from our customers who said they wanted our under-18s product to be customizable and to look and feel more personal to them. Therefore, we wanted to create a more grown-up feel to the card and app as Revolut <18 is an account that can grow with you>
Revolut has also launched a one-click payment solution to ensure that transactions are validated through Face ID or fingerprint unlock. This feature does not share any account number. Other features include cashback incentives for customers, low transaction fees with no hidden charges on over 20 currencies, and funds settled within 24 hours in the merchant’s Revolut Business accounts.
“With its speed, convenience, security, and low pricing, Revolut Pay gives merchants a competitive advantage in a rapidly growing e-commerce market,” said Nikolay Storonsky, founder and CEO of Revolut.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
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