Revolut is moving into in-person payment solutions with the launch of a card reader, its first hardware device that will allow merchants to accept payments anywhere.
Revolut Reader is a stand-alone card reader that comes with a rechargeable battery. The terminal is compatible with chip-and-pin payments, contactless cards and digital wallets such as Google Pay and Apple Pay. Transactions are processed in seconds, with a single charge lasting for hundreds of transactions. Customers can accept, settle and store payments within a single account, and Revolut is promising lower charges for its customers.
The card reader can be adapted to other point-of-sale systems already in place within businesses, and will add its own POS solution in the coming months that will offer flexibility to larger merchants if they need to integrate Revolut Reader with POS systems already used.
“When designing new products, our team always has customer needs in mind: a fast and easy-to-use solution that will not slow business down, easy access to funds, and receiving payments faster than the industry standard of two to three business days,” Revolut’s Maria Garcia Marti said. “Plus, the security and long battery life of a small pocket-sized device, capable of streamlining operations without the need to manage multiple accounts and systems. This is exactly what Revolut Reader is offering our business customers: really tap into business growth.”
Revolut has more than 18 million retail customers worldwide, with 1.7 million in Ireland, and more than 500,000 corporate clients.
The company, founded in July 2015 by Nik Storonsky and Vlad Yatsenko, is best known for consumer-oriented services. However, it has also been pushing deeper into business banking in recent years.
