The new credit product will take Revolut one step closer to becoming a financial ‘super app’.
Image source: Nik Storonsky (right)/Revolut
Buy-now-pay-later has more or less taken over the world and Revolut is trying to get in on the action.
In an interview with the Evening Standard, Revolut’s CEO and co-founder Nik Storonsky revealed that the digital banking service was looking to offer customers its own BNPL solution.
The CEO revealed that Revolut would soon allow users to spread the cost of their purchases—both online and in-person—when using their Revolut cards in the form of a checkout extension.
“Simply a button which you switch on and then your card becomes a buy now pay later product. Instead of paying upfront everything, you pay a third and then in two weeks time we charge you a third and then another third,” Storonsky told the Evening Standard.
Revolut’s new product will see its 16m users worldwide granted easier access to fee-free financing, allowing more people to spread the cost of their purchases.
The new feature, which is still months away from launch, is not the first time Revolut has dipped its toes into the credit (or credit-adjacent) pool.
Last month the fintech unveiled a new feature to help customers access up to 50 per cent of their salaries just a day after the next pay cycle has begun.
Called ‘Payday’, the feature is cost-free for employers and only available to eligible customers across the UK, with the EEA and US to follow shortly after.
For just £1.50 per use, eligible customers will be able to dip into the salary that they haven’t been paid yet, allowing them more financial flexibility, just as a BNPL feature would do too.
Revolut’s proposed BNPL addition to its roster takes it one step closer to becoming a financial ‘super app’, giving its customers access to all their financial needs in the one place.
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