Revolut, a UK-based neobank that serves both B2C and B2B segments, has introduced Revolut Pay, an online checkout payment feature similar to PayPal and Apple Pay.

Merchants in the UK and European Economic Area can provide this option to customers and receive funds directly to their Revolut Business account within 24 hours at no extra cost. 

Revolut Pay can be set up on merchant websites and mobile checkout pages via plug-ins or APIs with companies such as Shopify, Prestashop, and WH Smith already using it. It also has embedded features such as cashback options for merchants to incentivize customers.

Revolut users can use this feature and pay through their saved cards or account balance while non-Revolut users can opt to pay by linking their Mastercard or Visa cards issued by other providers. 

Analyst QuickTake: Revolut has made significant progress on the Revolut Business account service since inception, having developed 20 different products and services in addition to standard banking products to help businesses increase their conversion rates and manage finances. Revolut Pay follows the launch of the bank’s first hardware device, the Revolut Reader (a card reader for in-person payments in the UK and Ireland) in July this year. As of last month, Revolut reported having processed over USD 100 billion in transactions from Revolut Business accounts.