Revolut recently debuted a new feature that it thinks would compete with Apple Pay and PayPal; Revolut Pay. With the recently launched Revolut Pay, users will be able to pay for goods and services online with just one click.

PayPal and Apple Pay have been leading the online payment sector for quite some time now. PayPal, as of 2021, had 392 million active users with 80 million using its One Touch feature. PayPal conducted 15.4 billion transactions in 2020. PayPal is used in various industries including retail, ecommerce, property and the online gambling industry being a top payment method at new slot sites in the UK. Apple Pay also enjoys its success having overtaken Starbucks as the most popular mobile payment platform in the US. It is envisioned that by 2025, Apple Pay will account for 10% of global card transactions. It will be intriguing to see if Revolut Pay surpasses these successes.

Both small and large businesses can use the new Revolutfunction, which has been advertised as having no monthly fees or other hidden costs for online vendors.

Revolut Pay wants to make checkouts simpler for customers while also helping retailers by lowering cart abandonment.Retailers in the UK and the EEA may now accept it as payment. It’s already being used by retailers such as Shopifyand Funky Pigeon with more likely to become available.

Users of Revolut Pay can now earn cashback as they spend.Online payments will be secured using Face ID or fingerprint unlock, so no account information will be disclosed.

Revolut Pay businesses will be able to take payments for comparatively little money. According to Revolut’s CEO and creator Nikolay Storonsky, this capability gives retailers ‘a competitive advantage.’

Storonsky claims that ‘At Revolut, we constantly strive to make it faster, easier and cheaper for merchants of all sizes to accept payments, wherever they are, and to make it more convenient and secure for customers to pay. That’s why we’re launching Revolut Pay’.

Revolut Pay can be used by online shoppers regardless of whether they currently use Revolut as a payment method.Revolut predicts that by making payments simpler, these initiatives will also decrease cart abandonment.

According to the fintech start-up, this is up to six days quicker than existing payment platforms. Businesses will get reimbursed in 24 hours. Merchants will pay a fee of around 1% in order to use the Revolut service.

The bottom line is that Revolut is still growing. Revolut’sentry into in-person payments was signalled back in July when the fintech start-up announced the release of its first hardware product for corporate customers in Ireland and the UK.

Businesses of all kinds may now take payments from debit and credit cards anywhere with the Revolut Reader, including those made with chip and pin, contactless, Google Pay, and Apple Pay.