Building on its success in the UK, Ireland and Italy, Revolut has launched its payment terminal in Spain.
Revolut Terminal allows merchants to accept Revolut Pay, enabling over 50 million global users to make purchases directly through the fintech’s mobile app.
A key advantage that sets Revolut Terminal apart from competitors is its lower transaction fees – 0.5% plus €0.02 per Revolut Pay transaction – a major benefit for merchants frustrated by high processing costs.
The terminal also integrates with Revolut’s software, offering merchants tools like analytics, table mapping, multi-location management, and customer cataloguing.
According to the Bank of Spain, there are over 93 million cards in circulation in the country, and Revolut is looking to capture a share of this payments market.
Revolut first introduced its terminal in the UK, Ireland and Italy late last year. At the time, Alex Codina, General Manager of Merchant Acquiring Business at Revolut, told City AM that the company was “betting on a new segment of larger SMEs.”
He added: “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.”
Another key factor driving Revolut’s product launch is the outdated technology currently used by traditional payment systems. This is becoming a growing trend, as modern fintechs like Revolut are overtaking traditional institutions.
UK banks are well aware of this shift, as neobanks such as Revolut, Monzo and Starling gain popularity for superior customer service and diverse product offerings – built on a foundation of advanced technology.
A prime example of this trend is the recent partnership between Australia’s AMP Bank and Engine by Starling, which enabled AMP to launch a mobile-first digital bank aimed at filling a significant market gap.
Codina concluded: “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 45 million-plus people,’ which is quite unique.”
