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On 16 Feb 2024, at 09:46, Tony Sweeney <tonymsweeney@xxxxxxxxx> wrote:===========================================================
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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