Revolut has just announced a new payment service called Revolut Pay. The main idea behind it is to work as a secure-checkout method, just like PayPal, Amazon Pay, and PaySafe. In recent years, we have seen many of these competitors, but PayPal is a giant monster that is hard to beat. Amazon Pay has gained some traction given the massive investment that Amazon has put behind it, and the volume they move. Still, PayPal is much more broadly accepted and started in this race years before.
The strongest point of Revolut Pay compared to PayPal is its fees. Plus, Revolut (as a bank) has cards everywhere, whereas PayPal doesn’t. A bank transfer in or out of PayPal’s account can take days, and there are fees around everything you do.
What is Revolut Pay As a payment method?
Revolut Pay is a new secure online checkout feature that allows UK and EEA businesses to present ‘Revolut Pay’ as a payment method across product, cart, and checkout pages.
Revolut Pay aims to disrupt the payments ecosystem by making shopping online even easier as it facilitates direct payments while providing top security for Revolut users: payments will be validated via secure features such as Face ID or fingerprint unlocks, and no account number will be shared. This will help prevent fraud and keep users’ funds safe while shopping.
Revolut Pay will enable consumers to earn cashback on purchases through mobile and desktop browsers. If you’re a Revolut user, it will integrate seamlessly. If not, you’ll still be able to use the feature with cards from other providers.
Revolut Pay is a payment method available to any online customer regardless of whether they have a Revolut account. It allows customers to pay for a product or service from a merchant that offers Revolut Pay as a payment method at checkout.
Main benefits of Revolut Pay
- There are no limits. Compared to PayPal, this could be an advantage. I’ve tried to pay over 3000 USD using PayPal and got rejected many times. I had to call both them and my card issuer.
- Easy checkout experience. Revolut account holders don’t need to input card or bank details, while non-Revolut customers can save their details after their first purchase.
- Convenient in-app confirmation of purchases for Revolut account holders. Similar to what Curve offers when you use their cards.
How to use Revolut Pay
If the details you’ve input while checking out match the ones we have stored, you’ll be asked to confirm the transaction, and that’s it! If the details aren’t sufficient to ensure it’s you, you’ll also have to scan a QR code.
Is Revolut Pay Safe?
You are protected by the Pay with Revolut Buyer Protection Policy which allows raising a claim if you believe the merchant hasn’t fulfilled your order. Revolut will then investigate.Read more on Revolut’s blog.