Revolut is introducing a new payment terminal aimed at large businesses and retailers in the UK and Ireland.
- The timing of the release is strategic, aligning with the upcoming festive season to boost business-to-business services.
- Revolut Terminal offers integration with the company’s software for advanced analytics and management features.
- Merchants using the terminal will benefit from competitive fees and the ability to earn loyalty points.
- Revolut’s aspirations include contesting traditional payment infrastructures and fintech rivals.
Fintech leader Revolut is expanding its competitive stance in the payments industry by launching a new product, the Revolut Terminal. This latest addition is aimed at larger businesses and retailers within the UK and Ireland. The release has been strategically timed to coincide with the busy festive season when transaction volumes typically increase, thereby enhancing Revolut’s business-to-business offerings.
Through its merchant acquiring division, Revolut has developed a comprehensive suite of payment solutions since 2021. The Revolut Terminal integrates seamlessly with its platform, providing merchants access to a plethora of features such as analytics, table mapping, and multi-location management. This integration is set to streamline operations and enhance customer engagement for businesses.
The payment terminal allows merchants to utilise Revolut Pay, enabling over 45 million global users to make direct payments from the app. Customers, in turn, can earn “RevPoints” through Revolut’s loyalty scheme. For businesses, the economic benefit is clear, with transaction fees set at a competitive 0.5% plus £0.02.
Revolut’s infrastructure supports both online and offline transactions, having processed payments for 65,000 merchants in the past year alone. During this period, the volume of face-to-face transactions has experienced a remarkable fourfold increase, underscoring the growing demand for such solutions.
General Manager of Revolut’s merchant acquiring business, Alex Codina, emphasized the importance of reliability, particularly for larger SMEs operating across multiple sites. “The larger the business is, the more important the reliability component is,” he stated. Revolut Terminal guarantees 99.9% uptime, a crucial feature during high-demand periods such as Black Friday.
While entering direct competition with fintech giants like Square, Dojo, and SumUp, Revolut is also targeting the outdated infrastructure of traditional payment solutions. Codina highlighted the company’s unique advantage in Europe, capable of marketing goods and services to a vast audience through its platform.
Since its inception in 2015, Revolut has evolved from a simple payments app to a global fintech powerhouse, attracting over 10 million retail customers in the UK alone. Its business segment has also seen exponential growth, onboarding more than 20,000 new businesses monthly and surpassing $500 million in revenue recently.
The new terminal is currently available for pre-order in the UK, with an initial offering price slightly reduced for early adopters until the end of October. This marketing strategy not only incentivises prompt engagement but also sets the stage for widespread adoption across businesses.
Revolut’s strategic product launch aims to redefine payment processing in Europe, challenging both traditional and fintech sectors.
