FinTech: Revolut Launches ‘Pockets’ to Help Consumers Manage Spending
The new feature from Revolut enables streamlined management of bills.
Revolut continues to add new features to its banking app as it steps up its efforts to be present in the entire financial life-cycle of its consumers and become a super app. Pockets, its latest innovation, allows consumers to organize bills and earmark money for their payment. The amount leftover in the main account is what’s free to use for spending. (CROWDFUND INSIDER)
To use this facility customers need to setup Revolut as their main payment method. They then identify the bills they need to manage, for example, recurring card payments, standing orders, and direct debits.
Now, in a few taps, they can create individual Pockets for each type of payment. After that, it’s simple to link each Pocket with the relevant Bill and set up a “Scheduled Payment” for it.
What’s more, the consumer can ensure that each Pocket is properly funded by setting up a recurring transfer from the main account to that Pocket. This is best done on payday.
So, when bills come due, they’ll automatically get paid from the relevant Pocket.
Show your bills who’s boss!
Marsel Nikaj, Head of Savings at Revolut, commented:
I have “We understand how difficult it is to stay on top of all your various bills and subscriptions. With our new feature Pockets, we’re helping our customers manage all their finances in one place and get on top of their spending once and for all. It makes organizing bills effortless, so you can focus on the things that really matter, rather than worrying about missing a payment.”
In October, Revolut launched its new Subscriptions feature. It allows customers to track all subscriptions, direct debits, and recurring payments in one place. Customers can quickly spot any outdated or unwanted subscriptions and block them with the tap. They thus save money and avoid overspending. The app gives them a notification before the scheduled payment goes out, or if there is insufficient money in the account for its payment.
Pockets is currently available to Revolut customers in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom.
Related Story: Are NeoBanks Finally Turning Around? Revolut Breaks Even
Image credit: Revolut Blog
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