Revolut, a popular digital banking app, is looking to incorporate cryptocurrency into its services in response to the rising tide of crypto payments and crypto banking.
According to an email sent to Revolut customers on Thursday (Oct. 27), the company is making cryptocurrency a viable payments option so that Revolut cardholders can use their crypto balance to pay for online and in-store purchases.
The company announced the addition of a “spend from crypto” feature, explaining,
We’ve updated our Crypto T&Cs to include this new feature, so you can use your cryptocurrency balance to pay for everyday purchases on your Revolut card.
The announcement further stated that all customers would receive 1% cash back on their crypto balance spent beginning on November 1 for a limited time.
It is not a novel practice to use cryptocurrencies as a payment method when shopping online. 33% of tech-savvy consumers buy cryptocurrency for use in online shopping, according to a PYMNTS study titled “Shopping with Cryptocurrency: Tech-Driven Consumers Drive Market Acceptance.”
In “How Consumers Use Digital Banks,” another recent PYMNTS data report, 36% of consumers expressed strong interest in using a digital bank within the next year.
Revolut has become a more compelling digital banking platform than its rivals thanks to its introduction of crypto payments for its customers.
According to the company’s website, Revolut has more than 20 million individual users and provides in-app trading for more than 30 digital currencies.
Revolut Pro, the company’s latest payment improvement, was released last month. A brand new resource for freelancers is the income, expenditure, and payment management account. Money transfers, purchases, and payments across multiple currencies are all possible with this no-cost tool.
