FinTech: Eyeing A ‘Global Super App,’ Revolut Launches Travel Booking Feature
Revolut Stays allows its users to book travel accommodation and earn cashback.
After its recent $800 million funding, Revolut, the UK-based challenger bank has lost no time in announcing Stays, a travel booking facility in its app. The bank’s Premium and Metal category of users get 10% instant cashback on their bookings, the bank said in a blog, marking its entry into a non-finance-related product. (CNBC)
“After 18 months of endless restrictions and lockdowns, we want to give people more and make their money travel further,” said Marsel Nikaj, head of savings and lifestyle at the bank. It intends to spend about 70 million pounds on the cashback promotion for the Stays feature.
Users in the UK can use the Revolut app to book accommodation for now. The feature will roll out to Europe and the US soon.
Bookings for flights, car rentals, and other travel requirements would be added to the app later.
“As the world begins to cautiously open up, we know everyone is desperate to get away whenever they can — whether it’s to Margate or Mallorca,” added Nikaj.
Revolut survey of pent up travel demand
According to Silicon Canals, Revolut’s survey of 12,000 of its customers over 10 countries revealed that nearly 72% of Britishers would travel abroad as soon as they can; in contrast, only 6% said they had no travel plans.
Notably, its users nearly doubled their savings during the pandemic, and a lot of that money could be spent on travel to exotic locations.
One guide of the pent-up spend that could unleash with normalization: the spend during 2019, “the last year of normal travel.”
In that year, the average Revolut user spent nearly £690 on accommodation, £149 on flights, and on average, spent £950 like a local abroad.
Of course, they used a Revolut card and its travel features.
Related Story: Revolut Valued At $33B In $800M Funding Round
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