In a bid to bridge the surging digital payment landscape and traditional cash, Revolut has launched a new feature that enables cash transfers into their digital accounts.
Revolut’s Cash Deposits feature seeks to provide a seamless and secure method of moving cash into customers’ digital accounts via its mobile app.
Users will be guided to open the Revolut app and click the ‘Add Money’ on the home screen. The ‘Deposit Cash’ option will then appear for users to move its cash into their digital account once they agree to the terms and conditions.
After inserting the amount customers want to add, the app will generate a time-sensitive barcode valid for 30 minutes, eligible to be scanned at any of Revolut’s retail partners. Once scanned by the cashier and the amount is paid in cash, customers will receive the funds in their accounts within 10 minutes.
The UK fintech stated that its Cash Deposits feature was spurred on by the wave of customer requests for more options to transfer cash into their digital bank accounts.
Revolut found that 71% of its customers had deposited cash with a bank or other financial firm in the last year, as well as 34% needing a feature to perform the action.
The service, which will be provided in partnership with global payments platform Paysafe, will launch in over 5,000 locations in the UK, and will roll out to other markets in EEA.
Gabor Hava, Head of Core Payments, Global Business at Revolut, commented: “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.”
Revolut is riding a wave of momentum at the moment after just recently being granted a UK banking licence after a three-year wait.
The approval from the Prudential Regulation Authority enables the UK fintech to offer traditional banking account services, in particular lending.