Revolut launches new online payment service to rival PayPal

Revolut hopes to rival PayPal and Apple Pay with a new one-click payment feature launched this morning.

The company claims that Revolut Pay allows customers to pay at the online checkout with just one click.

He said UK and European websites can offer the feature alongside other payment options from today.

Payments will be secured using Face ID or fingerprint unlock, meaning no account information will be shared online.

The company said existing Revolut users will be able to pay via registered cards or directly through their Revolut account balance.

Revolut Founder and CEO Nikolay Storonsky said: “With its speed, convenience, security and low prices, Revolut Pay gives merchants a competitive advantage in a rapidly growing e-commerce market.

“At Revolut, we are constantly striving to make it faster, easier and cheaper for merchants of all sizes to accept payments, wherever they are, and to make payment more convenient and secure for customers. . That’s why we’re launching Revolut Pay.

The company said the new payment method will “reduce cart abandonment” – noting that online merchants lose up to 80% of their sales when shoppers abandon their carts.

He said shoppers often cite long and confusing online checkout processes and limited payment choices as reasons for leaving a website before completing purchases.

Meanwhile, businesses will be paid within 24 hours, which the company says is up to six days faster than with other payment platforms.

Retailers will have to pay a fee of approximately 1% to use the service.

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