Revolut to allow customers to make purchases with crypto-currency balances

Digital bank Revolut has reportedly added a new crypto spending feature to its platform to allow users to make purchases with their Revolut card and pay from their crypto balances.

To promote the use of this feature, Revolut customers would have a chance to earn 1% cashback on all their crypto balances spent. According to the company, the service is expected to begin on November 1 and will only run for a limited time. Currently, the platform’s more than 20 million personal users can access online trading of over 30 digital currencies.

The company has also redesigned its services to accommodate users aged 6 to 17. It can be recalled that Revolut Junior was introduced in May 2020, a few months after the launch of its services in the UK. The idea was to make sure that children have access to neobank accounts connected to their parents’ premium accounts. Later, parents with standard accounts were allowed to take advantage of the service.

The company has grown significantly since its inception, with several other features, including “Revolut me!“, which allows users to ask their friends and family for money. Children’s participation is intended to encourage good spending and saving habits at an early stage, with adult supervision. According to Tara Massoudi, general manager of premium products at Revolut, the service’s new yellow design represents the energy, freshness and positivity of juniors.

“We listened to feedback from our customers who said they wanted our under-18 product to be customizable and look more personal to them. So we wanted to give the card and app a more adult look, because Revolut <18 is an account that can grow with you,” he said.

Revolut also launched a one-click payment solution to ensure that transactions are validated by Face ID or fingerprint unlocking. This feature does not share any account numbers. Other features include cashback incentives for customers, low transaction fees with no hidden fees on more than 20 currencies, and funds settled within 24 hours to merchant’s Revolut Business accounts.

“With speed, convenience, security and low prices, Revolut Pay gives merchants a competitive edge in a growing e-commerce market“, said Nikolay Storonsky, founder and CEO of Revolut.