The advancement of the internet has changed lots of things around the world. This is especially evident on how transactions are being carried out between individuals and companies online. For instance, payments can be processed and money will reflect in your account within seconds.
Talking about processing of payments and transactions between people, Revolut is one tool that seems to be making headlines at the moment. Although there are other platforms through which such a process can take place online, this one seems to be unique in lots of regards
Do you want to know more about Revolut?
In case you are doubting what makes Revolut so special amongst other banking applications, ensure to read the details of this post from beginning to the end. It will be revealing lots of news about Revolut app.
What is Revolut?
There has been some series of arguments amongst people in recent times about Revolut including what it represents. For instance, there are those who believe it is a bank. On the other hand, there are people who don’t have such a view. For the sake of clarity, Revolut is an electronic/digital financial institution.
It has been approved to facilitate currency exchanges, business transactions, and handling of money. There are some financial services that it cannot handle though. In case you are searching for a way to start sending money abroad, this is one of the best options.
Disposable credit card technology
Revolut is a leading digital banking app at the moment. Its innovation and creativity has been evident on how people can make transactions with disposable virtual cards. Have you ever used any of those virtual cards before? You will notice their details can be used over and over without any changes. The disadvantages of this practice tends to outweigh its advantages in lots of ways. For instance, it can promote internet fraud. Customers have always complained of their virtual card details being compromised by hackers on several occasions.
However, Revolut disposable virtual card technology gets rid of all these hassle. You may be wondering how this has been designed to work. There is no need racking your brains since it is simple to understand. The way it works is that virtual card details of people who make transactions online will be changed every time a transaction is processed on their behalf using such cards. As a Revolut customer, you can create the cards. However, the details are going to be destroyed once a transaction is completed. New details are regenerated anytime customers want to make transactions.
Of course, a technology like this will help to ensure customers get maximum protection against virtual card fraud. There is also the “location-based security” technology being added to such cards. Furthermore, cards can be frozen and unfrozen at will. Is Revolut banking app about to change the default methods and practices of carrying out transactions online? Only time can tell about this new innovation.
Addition of more cryptocurrencies
Revolut has been very busy trying to ensure its digital footprint is expanded beyond what is currently being offered to customers all over the world. The addition of 4 more cryptocurrencies has been announced in December 2020. These are 0x (EOS), tezos (ZRX), omg network (OMG), and eos (EOS). The first cryptocurrency to be added was Bitcoin in the year 2017. In the same year, Litecoin and Ether would later be added.
This is one decision that most of its customers are very excited about. Don’t forget that cryptocurrencies are making headlines in recent times more than ever before. Countries are beginning to see reasons why it’s bans and restrictions should be eased. A payment solution like PayPal initially kicked against cryptocurrency transactions some years back terming the platform as “illegal and suspicious”.
However, events have changed in recent times as cryptocurrencies transactions are accepted by most of the digital payment platforms like Revolut. This isn’t just for customers in the UK as transactions from about 49 states in the US are allowed. Also, people from Australia can purchase and sell cryptocurrencies like Litecoin, Bitcoin, Ether, Bitcoin cash, Stellar and others.
This is only a sign that Revolut is one of the few digital banks which are determined to meet the banking needs of customers without any compromise. Its experts are constantly working behind the scenes to make cryptocurrencies available to customers. Within the next couple of years, it has been predicted that more countries from different continents around the world will be allowed to take active part in such trading activities without any restriction.
Disposable credit cards are going to work in a similar way like Bitcoin wallet addresses. When someone uses the address once, it is possible for another address to be generated again during subsequent transactions. It goes on and on like that to ensure wallet address details are not compromised.
Stock trading platform
In the year 2019, Revolut further shocked the entire world when it came up with another innovative idea of allowing people to carry out stock trading activities on its platform. This means it hasn’t just designed an app which enables users to carry out various business transactions online. However, it has gone further to integrate stock trading features. As a stock trader, there is no doubt that this is an all-in-one solution that can meet your stock trading needs without any compromise. Imagine being able to trade in the US stock market and also carry out other financial transactions all from one platform.
Do you want to know the best part about all of these? It is the fact that such is a stock trading platform that is 100% commission-free. With this service, stock can be bought from Apple to Beyond Meat. This process only requires clicking on a few buttons. According to financial experts, this is another way to help people get actively involved in the buying and selling of stocks from the comfort of their homes.
Although there are lots of digital financial institutions or platforms in Europe, Revolut is the first ever to bring such service. In other words, it is the first financial company to ever offer users the opportunity to invest in US stock. For the first time ever, people are considering the option of investing their hard-earned money due to its ease. It is an attempt to enable users to test out the stock trading features. According to the company management, it is hoping to make profits later on once some other premium features get launched in the nearest future.
One of the advantages of using this platform has been its “freemium model” as most experts would like to put it. This means the profits made from selling and purchasing stocks don’t attract any commission for now. Although only two US stocks can be bought or sold at the moment, there is hope that more options will be added in the nearest future.
Online payment acceptance for businesses
Revolut has been a complete definition of creativity in recent times. It has proven to be a leader in the digital banking world by seeing beyond helping people to transfer funds from one country to another. Instead, it is constantly coming up with innovations that can rival what other major brands are doing at the moment. For instance, as of the month of December 2020, it announced plans of having an acquiring solution of its own. This will give businesses the chance to carry out their activities online without having to bother about payment processing.
With their business account, companies can receive and send payments whenever possible. It is expected to act as a competitor for platforms like Braintree, Aden, Stripe, PayPal and 2checkout. Are you a business person who has been frustrated by any of these payment processing companies in the past? Do you know that Revolut has come up with better and more effective features which can grow your business by leaps and bounds?
At the moment, 14 currencies are supported which is quite impressive given that it is just starting out. Payments from customers can reflect in your Revolut account within 24 hours. Customers from the UK and Europe are charged about 1.3% for every card transaction. Customers from other countries will be charged 2.8% for every card transaction. As compared to a company like Stripe, it tends to offer cheaper rates.
Furthermore, you will have access to plugins and other tools after your merchant account has been created successfully. There is also a merchant API available whereby check out widget can be added to any custom website. Business customers residing in locations like Germany, Russia, Portugal, Poland, Sweden, Spain, Italy, Ireland, France, Denmark, Belgium, Austria, and UK can be catered for. In the near future, more European countries will be added to the list.
Having seen the above, one thing can be easily concluded about Revolut banking app. This is the fact that it truly represents the future of digital banking. For the first time, it can be said that digital banking is flexible, safe and convenient. These couldn’t have been possible without the vast features that this app has got to offer users.