In the fintech space, Revolut is fast becoming a striking name, with the goal of becoming an integrated 'super app' in Ireland and spreading its successful model globally.
Similar to the popularity of Alipay or WeChat Pay in China, Revolut also plans to deepen its presence in Ireland and attract more large corporate customers through convenient services such as *** payment.
Revolut will soon launch in-store payments and more commercial banking services in Ireland, with some of these features being tested in Ireland before being rolled out to other countries.
This in-store payment service is expected to use Revolut Pay, which allows customers to pay with a single scan, which is very similar to the experience we are familiar with using Alipay and WeChat Pay.
Alex Codina, the company's head of investment, said Ireland was a top choice for Revolut to test and launch new products because of its high market acceptance and ease of promotion to other countries if successful.
He points out that around 60% of bank users in Ireland have a retail account with Revolut, which means that whenever Revolut works with a merchant, people can use Revolut Pay online or offline.
Last month, Revolut entered into a partnership agreement with Aer Lingus, an airline de l'Aer, to allow passengers to pay with Revolut Pay on their bookings** without having to enter the regular payment details on the card, marking another major step in Revolut's journey to becoming a financial superapp.
Codina revealed that more than 3,000 merchants in Ireland have started accepting Revolut Pay as a payment method.
In addition to *** payments, Revolut also plans to launch products such as insurance and mortgage loans, aiming to provide a full range of financial services to commercial and retail customers.
Currently, Revolut has around 2.5 million customers in Ireland and more than 35 million customers worldwide. As it continues to roll out new features and services, Revolut is on track to achieve its ambition to become a superapp in the financial sector.
In Ireland, Revolut has made significant strides in the business banking sector by offering services such as local IBAN numbers.
As a privately held company, Revolut was last valued at €31 billion in 2021.