Revolut Ltd. is launching a one-click payment feature in a bid to rival PayPal Inc. and other tech giants at online checkouts.
Revolut Pay has signed up retailers including Shopify Inc., Prestashop, WH Smith Plc and Funky Pigeon, and will be available within the airline industry in the coming months, according to a statement from the London-based fintech.
Thibaut Genevrier, head of merchant acquiring, said in an interview from New York that Revolut Pay was a sign the firm has reached "critical mass," having branched out from its original prepaid card into a range of financial services for both consumers and businesses.
"We want to be on the top 1,000 e-commerce websites in Europe. We want to be right there in the checkout and have merchants improve their conversion rate," he said. Businesses will be paid within 24 hours, which he said was several days quicker than some rivals. Revolut will charge retailers fees of about 1% for the service.
The payment feature, running on Revolut's in-house software, will enable consumers to earn cashback on purchases through mobile and desktop browsers. Shoppers who aren't Revolut customers can use the feature with payment cards from other providers.
Founded in 2015, Revolut has run services for businesses for the past five years. It launched a card reader in July, adding to the burgeoning payments ecosystem that has Apple Inc., Block Inc. and PayPal among its biggest players.
Revolut is due to file its annual accounts by the end of the month. The company has denied it's seeking to reduce costs following a report on Wednesday in the Financial Times that it had rescinded some job offers and was in the middle of a cost-cutting review.
