FinTech: Revolut Launches Buy-Now-Pay-Later (BNPL) In Ireland
Customers will need a pre-approved credit limit, however.
Digital challenger bank Revolut has commenced the rollout of a BNPL offering in Ireland this week. It will compete with established BNPL players in the country such as Swedish fintech Klarna and Humm, owned by Australia’s Flexi-Fi. However, Revolut’s product comes with fees and a credit limit must be approved prior. (Independent.ie)
Revolut: Features of its Irish BNPL (“Pay Later”)
- Covers purchases upto a maximum of €499, both online and in-store
- Offered to a trial group of 1.9 million customers
- Three instalments
- Requires pre-approved credit limit
- Fee of 1.65pc per purchase will be charged and repaid as part of the final two instalments
- No penalty for early repayment
- Does not depend on a tie-up between retailers and Revolut
- Purchases of stocks or crypto are not allowed
- Cannot be used to withdraw cash
After Ireland, depending on its success, the fintech may expand Pay Later to Poland and Romania.
It could also potentially add the BNPL feature to its financial super app in due course.
Joe Heneghan, Chief Executive Officer of Revolut Europe, said its offering would encourage people to pay off their credit within two months, “rather than calling on overdrafts and credit cards which don’t carry the same emphasis on quickly paying back the amount borrowed.”
Related Story: PayPal Extends Its BNPL Scheme To Monthly Payments
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