Revolut to offer automatic payments in Europe


Nigel Frith
Nigel Frith
Former Global General Manager
Nigel was the Global General Manager at FXcompared. Nigel has a background in marketing for businesses and consumers as well working in a variety of online financial services roles. Read more
  • Fintech firm facilitates direct debits and automatic payments for customers across Europe
  • Payment solution will make it easier to pay regular expenses like rent and utilities via automatic transfer
  • Service takes aim at Revolut's growing European customer base

Digital money transfer service Revolut is set to provide automatic payments for users across Europe. The newly expanded service will make it easier for customers to set up recurring payments for things like rent, utilities, phone bills and other monthly expenses.

Revolut already offers European users access to SEPA and SWIFT technology for international money transfers, but now customers will be able to make regular payments faster and more conveniently.

The decision comes as Revolut has experienced significant growth in the European market. The company hopes its automatic payments solution will add value for these customers.

According to Revolut, it takes roughly 60 seconds to set up a new account using the company's mobile app. Using the app gives customers access to 25 different global currencies, making it possible to save or exchange funds in real-time, as well as send cross-border payments for free.

The company has gone live with a host of new products in recent months, including instant credit, travel insurance and a cryptocurrency platform that lets users buy, save and sell cryptocurrency at competitive rates.

Revolut has added more than 1.5 million users across Europe since it first launched in 2015, processing over 60 million transactions totalling over $10bn (£7.1bn). The UK-based fintech has plans to expand its service to the US at some point this year, thereby presenting a substantial challenge to traditional banks.

The platform offers consumers an attractive alternative to conventional money transfers and automatic payments with lower costs, more transparent customer service and cutting-edge digital solutions.

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