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Revolut enters the ‘buy now pay later’ market, at the start of a test service in Ireland

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Revolut enters the BNPL deferred payment market, launching its ‘Pay Later’ product in Europe, which will give the customer the ability to decide when to use it, instead of limiting it to certain commercial partnerships. As of this week, bank fintech reports, some customers in Ireland will be entitled to early access to the service, which will be gradually rolled out to all users in the country, where nearly half of adults (1.9 million people) have a Revolut account, so that by the end of the summer, almost any user in Ireland will be able to request access. Qualified customers will be able to use Pay Later for purchases up to € 499, using any of their Revolut cards, even when paying with a disposable virtual card that provides an additional layer of security for online transactions. While waiting for Pay Later to arrive in the rest of Europe, Revolut will begin offering the product in additional markets starting from the end of 2022 with Poland and Romania, which will have access to the test version towards the end of the year. In detail of the service, customers can divide the cost of a purchase over three monthly installments with the first installment paid immediately by the customer at the time of purchase, then followed by two other monthly installments. The 1.65% commission for each purchase is paid with the last two installments. Pay Later is fully integrated into the Revolut app and once approved, customers can activate it with a simple tap in their Revolut app and view their Pay Later balance in the cards section and Pay Later hub. If a customer wishes to repay the installments early, he will not incur any additional costs. The new product also has built-in protections to verify that users can afford the purchases they want to use Pay Later for. Unlike other installment payment providers, Revolut is able to offer a more robust rating as it approves the credit before the transaction rather than offering an installment payment method at the time of purchase. For Joe Heneghan, CEO of Revolut Europe, “Deferred payments are an exciting and rapidly growing area of ​​personal finance, which is why we are thrilled to add ‘Pay Later’ to our super finance app. Revolut Pay Later offers our clients greater control and flexibility over their personal finances, in a responsible way, allowing customers to spread the cost of expenses over three installments. This – he added – encourages people to pay within two months, rather than resorting to overdrafts. and credit cards that don’t have the same emphasis on quick repayment of the borrowed amount. “

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