Revolut ‘bets’ on new terminal for larger merchants

Revolut logo signboard on modern office building in Vilnius, Lithuania on May 30, 2021. Revolut is financial technology company that offers banking services.
Editorial credit: Veja / Shutterstock.com

UK fintech Revolut is reportedly set to launch a new payment terminal for larger businesses and retailers.

The device, named ‘Revolut Terminal,’ is set to launch in the UK and Ireland. Alex Codina, General Manager of Merchant Acquiring Business at Revolut, mentioned to City AM that this represents “one of the major new bets that we have as a company.”

The new terminals will give merchants access to Revolut Pay, a payment option that lets its over 45 million global users make purchases directly through the Revolut app. With this option, customers can earn “RevPoints,” which is part of the company’s loyalty reward program. 

Additionally, the fintech says that merchants will benefit from reduced transaction fees of 0.5% plus £0.02 per Revolut Pay transaction. The terminal can also integrate with Revolut’s software, providing merchants with tools like analytics, table mapping, multi-location management and customer cataloguing.

The company already offers a card reader and iPhone tap-to-pay products, however, this product is aimed at bigger businesses. In an interview with City AM, Codina said that the new terminal is “betting on a new segment” of larger SMEs. 

“The larger the business is, the more important the reliability component is. So there cannot be a single minute that the merchant is not able to accept payments,” he continued. 

“The in-person payments space is full of legacy infrastructure, full of legacy terminals, and to be honest, this is where we think there is ample space to really build. There is no acquirer in Europe that will be able to be in the position to tell the merchant ‘Hey, we can market your goods or services to 45m-plus people,’ which is quite unique.”

This latest product follows the fintech’s recent launches of Revolut BillPay and Push-to-Card, two initiatives aimed at growing its Revolut Business segment. 

Last month, James Gibson, Head of Revolut Business, commented on how the company is planning to double down on B2B.