Revolut a London-based robust platform for money management travel perks and investments. It helps individuals open accounts in real-time and serves for business accounts. It also unlocks the power of a cross-border economy for everyone. It also gives tools to businesses that they need to start, run, and scale enabling them to manage expense and cost reduction, and payment acceptance.
It is launching its pay later product, “Pay Later” in Europe with the aim to widen its range of products to help people get more returns from their money. Pay Later would be the first BNPL product in Ireland using an approved credit limit, created to focus on affordability.
Joe Heneghan, CEO, Revolut Europe, commented, “Pay Later is an exciting and fast-growing area of personal finance and consumer spending, and we are excited to add Revolut ‘Pay Later’ to our financial superapp. Revolut Pay Later gives our customers more control and flexibility over their personal finances, in a responsible way, by enabling them to spread the cost of purchases over three installments. This encourages people to pay within two months, rather than calling on overdrafts and credit cards which don’t carry the same emphasis on quickly paying back the amount borrowed.”
Approved consumers can use Revolut Pay Later purchase benefit up to a maximum of €499, through any of their Revolut cards, that also includes when paying through a Revolut Disposable Virtual Card, which offers immense security for online transactions.
Revolut verifies consumer affordability by using Open Banking to connect to their current bank accounts. Through an underwriting procedure, it will determine whether a customer is suitable and affordable for “Pay Later.” The current maximum credit limit is €499. However, each customer will have a personalized limit based on Revolut’scredit assessment.