Fintech card network Revolut will expand its BNPL offering to its users in Ireland after its initial launch last June.
The Pay Later feature will allow users to make purchases up to a €499 maximum spend, with instalment options of three categories. This builds upon Revolut’s successful three-month trial run in the UK.
Irish customers also have the option to activate Pay Later on-the-go through the Revolut app, allowing them to view their balance and transaction history.
Joe Heneghan, CEO of Revolut Europe, commented: “From assisting budgeting, to managing cash flow, we’ve had great feedback and stories from our customers who have used Pay Later as part of the early rollout, and we look forward to hearing more.”
The UK-based fintech states that the Pay Later function is the first BNPL product in the Emerald Island to approve credit with a stronger focus on affordability.
This occurs by checking customer affordability by linking the users existing bank accounts via open banking. Revolut then analyses customer suitability with an underwriting process that provides a customer-tailored bespoke limit.
Debates surrounding the affordability of BNPL services have intensified this past month, with the UK government enforcing stricter affordability checks so that lenders can accurately apply for the credit loan.
During its initial launch, Revolut announced that it had provided early access of its BNPL offering to Irish customers during its first week, where it assessed each customer’s bank accounts.
Data from the trial rollout showed that customers used the service at a range of retailers, with the most popular being clothing, electronics and sports.
Revolut plans to further expand its Pay Later function to more European countries, with Poland and Romania earmarked for launch.