Fintech powerhouse Revolut is intensifying its rivalry with industry players such as Square and SumUp by unveiling a cutting-edge payment terminal designed for larger businesses and retailers.
The London-headquartered banking firm is poised to introduce the Revolut Terminal in the 海角视频 and Ireland, strategically coinciding with the peak festive season, as part of its drive to expand its business-to-business services, as reported by .
Revolut's merchant acquiring division, which began launching products in 2021, offers a range of online and offline payment solutions under the Revolut Business brand.
READ MORE: {}
The new terminals will enable merchants to access Revolut Pay, a seamless checkout option allowing the fintech's 45 million-plus global users to make payments directly from the Revolut app.
Through this method, customers can earn "RevPoints" via the firm's loyalty reward scheme, while merchants will benefit from lower fees of 0.5 per cent plus £0.02 per transaction.
The terminal can be integrated with Revolut's software, providing merchants with access to valuable analytics, table mapping, multi-location management, and customer catalogues.
Revolut has reported processing payments with over 65,000 merchants in the past year, during which time the volume of in-person transactions has quadrupled.
"This is one of the major new bets that we have as a company," Alex Codina, general manager of Revolut's merchant acquiring business, revealed to City AM. He noted that Revolut's current offerings, including the card reader and iPhone tap-to-pay, align well with the needs of small businesses and freelancers.
Most Read
However, the new terminal is targeting a different market segment, specifically larger SMEs that often operate across multiple locations.
Revolut Business has been promoting its payment processing technology's robust performance, highlighting that it maintained 100 per cent platform uptime during last year's Black Fridaya time when high demand for payments can lead to digital disruptions for retailers.
The company is committed to ensuring 99.9 per cent uptime with the Revolut Terminal, aiming for seamless sales even in peak times.
"The larger the business is, the more important the reliability component is," Codina emphasised. "So there cannot be a single minute that the merchant is not able to accept payments."
Codina also mentioned that while Revolut Terminal will be in direct competition with other fintech entities like Square, Dojo, and SumUp, it also intends to capture market share from the traditional sector.
"The in-person payments space is full of legacy infrastructure, full of legacy terminals, and to be honest, this is where we think there is ample space to really build," he remarked.
Codina concluded by pointing out the unique proposition Revolut offers: "There is no acquirer in Europe that will be able to be in the position to tell the merchant 'Hey, we can market your goods or services to 45m-plus people,' which is quite unique."
Don’t miss
Revolut, established in 2015 as a digital payments and money transfer app in the 海角视频, has since expanded globally, offering a variety of services from cryptocurrency trading to an eSIM plan.
The company recorded a record pretax profit of £438m in 2023 and surpassed 10 million 海角视频 retail customers last month.
In addition, Revolut Business saw its global revenues surpass $500m (£380m) this summer, with an average of more than 20,000 businesses being onboarded per month.
Revolut's aspirations in its domestic market were bolstered in July when it secured a 海角视频 banking licence, albeit with temporary restrictions, after over three years in regulatory limbo.
Revolut Terminal is available for pre-order in the 海角视频 from Monday and will be available in Ireland next month. It is being offered at a discounted price of £129 plus VAT until 31 October, down from £169 plus VAT.