Global financial company, Revolut has launched “Pay Later”, its buy-now, pay-later product in Ireland. Revolut Pay Later is the first pay later solution in Ireland that employs an authorized credit limit and is focused on affordability. Revolut allows customers to choose when to utilize Pay Later without being constrained by certain merchant agreements.
When using a Revolut Disposable Virtual Card, which adds an added level of protection to online transactions, qualified users can utilize Pay Later for purchases up to a limit of €499 with any of their Revolut cards.
“We’re delighted to add Revolut ‘Pay Later’ to our financial super app to give 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. From assisting budgeting to managing cash flow, we’ve had great feedback and stories from our customers who have used Pay Later as part of the early rollout, and we look forward to hearing more,” stated Joe Heneghan, CEO of Revolut Europe.
Customers can activate Pay Later on the go with a single tap on their Revolut app using its full integration. Both the Cards section and the Pay Later portal allow users to examine their Pay Later balance. There are no extra charges if a consumer chooses to make early installment repayments.
Through Open Banking, Revolut connects to clients’ current bank accounts to determine whether a customer is affordable. Using an underwriting procedure, it will evaluate a customer’s finances and appropriateness for “Pay Later.” Although each customer will have a unique limit determined by the company’s credit evaluation, the current maximum credit limit is €499.
Additional built-in safety measures in the new offering verify that customers can afford their Pay Later limit. Revolut, in contrast to other pay later providers, can give a more thorough evaluation since it authorizes the credit limit prior to the transaction rather than providing an installment payment option at the time of sale.