Revolut, the global fintech with more than 9 million UK customers and 45 million internationally, announced the launch of cash deposits for all UK clients.
This update from Revolut comes after the recent news that the Fintech firm has received a UK banking license.
With Cash Deposits, Revolut ensures that customers can deposit their cash into their Revolut accounts in a frictionless manner.
Despite Revolut being mainly used for the ease of completing digital payments, the firm learned that, when it surveyed its clients, 71% had deposited cash with a banking institution or other financial institution in the past year, and 34% wanted a feature whereby they could deposit cash on a monthly basis.
The service, which will be offered in collaboration with payments platform Paysafe, is going live in 12,000 locations across the UK, and will be introduced to other markets in EEA gradually.
Depositing cash into a Revolut account is said to be secure.
Clients have to open their Revolut app, click “Add money” on their home screen and select “Deposit cash” as an option.
Customers then have to agree to Paysafe’s T&Cs.
After inserting the amount customers intend to add, the Fintech app will generate a time-sensitive barcode valid for 30 minutes.
This barcode may be scanned at any of the retail partners. Retail partners may be found in the store locator within the Revolut app. After it’s scanned by the cashier and the amount is paid in cash, customers will get the funds in their accounts within 10 minutes.
Gabor Hava, Head of Core Payments, Global Business at Revolut said:
“With such a high demand for cash deposits among our customers, Revolut is pleased to bridge another product request of our customers and help those with cash to get access to modern digital financial services. Our cash deposit solution meets clients’ real needs: by partnering with an industry expert like Paysafe, we are now able to offer a fast, simple to use and compliant service that will allow thousands of people to deposit cash into Revolut from different locations and exchange currencies in app to make transfers to family and friends in other countries. This launch will provide a greater level of confidence for all those who have not considered digital financial services yet.”
Bob Legters, SVP Product at Paysafe remarked:
“We are thrilled to announce our partnership with Revolut to introduce the new cash deposit feature to their customers powered by Paysafecash. With Paysafe’s unparalleled expertise in digitizing cash as a form of payment for online services, we are proud to offer Revolut’s customers convenient, safe, and seamless method to access the cash infrastructure in the UK. This collaboration exemplifies our commitment to revolutionizing cash-based payment solutions and continuously providing customers with numerous payment choices.”
Cash deposits start at a minimum of 10 GBP and a maximum of 500 GBP per transfer with a daily cap of 750 GBP.
Customers may deposit cash up to a total of 2,250 GBP a month and the annual limit is set at 10,000 GBP.
Customers using this service for the first time may deposit as much as 100 GBP free. After this, all deposits will have a 1.5% fee that will apply for clients in the UK.
