Revolut on the verge of becoming a ‘super app’ with Ireland at the centre
The disruptor will roll out its new services here as it looks to capture
larger businesses
Adrian Weckler
Revolut will soon launch in-store payments and more business banking
services in Ireland, with some of the features to be tested in Ireland
ahead of other countries.
The in-store service is likely to involve Revolut Pay via QR code
payments with a ‘next generation’ payment terminal due later in the year.
“Ireland is a country where we typically launch new products because we
have the context to experiment and be successful, and then export to
other countries,” said the company’s head of merchant acquiring, Alex
Codina.
“About 60pc of the bankable population have a retail Revolut account. So
whenever we sign a merchant in Ireland, people are going to be able to
pay that money either online or in person.
‘For businesses, we want to be able to service all your financial needs’
“Ireland is going to be the first, or one of the first, where we’re
going to be rolling out Revolut Pay in store.”
The new features, which follow a deal with Aer Lingus to begin using
Revolut Pay on the airline’s booking site, are part of Revolut’s ongoing
plan to become a ‘super app’, executives say.
In recent months, Revolut has announced plans for insurance and mortgage
products.
“We want to be a super business app,” said James Gibson, general manager
of Revolut Business.
“Today, we serve about 5pc of Irish SMEs and we aim to get that to
somewhere close to 20pc by 2026. For businesses, we want to be able to
service all your financial needs in the same way that we’re trying to do
in retail.”
Mr Gibson said that this will go beyond the current “basics” of holding
currencies, making transfers and managing spend, which Revolut Business
customers use today.
“You have the Accounts Payable flow for example, which we’ll be
launching in the next couple of months,” he said. “This is a really
complex, involved bit of software but it’s something that we need to be
able to provide if we want to be this super app for business.”
Revolut has around 2.5 million Irish customers and more than 35 million
customers worldwide.
In the UK, its super app ambitions have seen Revolut preparing mobile
data services for UK customers travelling abroad, a feature to help UK
customers who might want to top up or use Revolut abroad but might be
caught by post-Brexit roaming charges.
In Ireland, the financial challenger is focusing on expanding its range
of banking services to both businesses and retail customers, executives say.
“Ireland was the first country on the business side to get a local
Iban,” said Mr Gibson.
“So we focused on that last year.
“As we go into this year, there are a number of features which we’re
looking to get out specifically to the Irish market, first of all, so
that we can do it given the high levels of adoption and engagement.”
'Ireland was the first country on the business side to get a local
Iban,' said James Gibson
Last month’s deal with Aer Lingus, which sees Revolut Pay incorporated
on its booking website, allows customers to pay immediately without
inputting the usual payment details from a card, either via a saved card
or directly using their Revolut account balance.
Revolut is currently in discussion with other airlines, both within Aer
Lingus’s IAG parent conglomerate and outside IAG, to adopt Revolut
services, according to Mr Codina.
“We’re going for larger merchants with Revolut Pay,” he said.
“Working with brands like Aer Lingus attracts other merchants. It’s the
same thing for Revolut Business. Right now, this is a platform that is
being used a lot for small and medium businesses, but larger businesses
are coming. And this is our strategy.”
Revolut Pay has also been incorporated by other Irish brands such as DID
Electrical and O’Neills.
Mr Codina said that over 3,000 merchants “have already accepted payments
in Ireland” via Revolut Pay.
He added that Revolut would have “more things to come in terms of
product enhancements very soon”.
A privately held firm, Revolut was valued at €31bn at its last valuation
in 2021
Two years ago, the Irish Independent was the first to reveal that
Revolut intended to enter the Irish mortgage market. Since then, it has
also launched insurance plans and other financial services in its super
app bid.
For individual users, Revolut recently raised the price of most of its
paid plans, with its ‘Plus’ service going from €3 to €4 per month, its
‘Premium’ service going from €8 to €9 per month and its ‘Metal’ service
going from €14 to €16 per month.
The price rises were the first that Revolut has imposed since it
launched the paid tiers five years ago.
A privately held firm, Revolut was valued at €31bn at its last valuation
in 2021.
More recently, the company told investors it was on track to generate
almost €2bn in revenue this year, suggesting its international growth
continues to gather pace.
About 300,000 customers a week are signing up for Revolut’s services,
Bloomberg News has reported.
https://www.independent.ie/business/technology/adrian-weckler-revolut-on-the-verge-of-becoming-a-super-app-with-ireland-at-the-centre/a754054914.html?hConversionEventId=AQEAAZQF2gAmdjYwMDAwMDE4ZC1hZGFmLTkxNjItODMzYi0zNTRiMjJjOWVlMzfaACQ1YzI5NDdhYi0yMjI3LTQwNTMtMDAwMC0wMjFlZjNhMGJjZDTaACRmMGUxODRhZi04ZjQzLTRmNjEtOWZiMi03MGI0MjNkNWYxMDCFolvK2gliqN-wH_5xDFEjYWLzMFX-15D_dJK0S3Akdg&utm_campaign=IN:Daily&utm_content=zone_name&utm_medium=newsletter&utm_source=independent&utm_term=0-0
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