Revolut Expands Offerings With Virtual Crypto Payment Cards

Revolut is introducing special crypto payment cards for everyday purchases. These new virtual cards, which work with Apple Pay and Google Pay, let users pay for items in person and online using crypto.

According to the fintech firm, users can easily set up their new crypto payment cards with just a few taps on the Revolut app and select their preferred cryptocurrency for spending.

Revolut Aims To Enhance Its Services For Business Customers

The company stated that users will not incur exchange fees on their purchases. However, ‘fair usage fees’ might apply depending on the cardholder’s premium subscription level.

In August, Revolut got a UK banking licence with some limits, over three years after its initial application. This major win could set the stage for a future stock market listing.

However, it might still be a while before the company can start holding customer deposits. The Bank of England’s early approval means Revolut is just starting to set up its banking operations.

The company based in London, has spent years reaching this point, having submitted its application for a UK banking licence in 2021. Part of the challenge was proving to regulators that Revolut had fixed several accounting problems, EU regulatory breaches, and concerns about its reputation, including a too-aggressive corporate culture.

In 2016, the UK’s Financial Conduct Authority probed the business because a whistleblower said it wasn’t doing enough to check for money laundering or to spot suspicious payments. The review ended in 2017.

Revolut Seeks To Improve Its Working Conditions

Revolut stated that it completely follows the terrorist financing and anti-money laundering rules and has taken steps to enhance its working conditions.

The leading consumer group in the UK, Which? also voiced concerns over Revolut and its method of compensating scam victims. According to a spokesperson, banking authorization would give its customers some advantages, like protecting their money up to £85,000 with the Financial Services Compensation Scheme. However, the firm must work harder and show how it would adjust this method to combat fraud.

The founder and Chief Executive Officer of Revolut, Nik Storonsky, who formerly worked at Lehman Brothers, criticized regulators last year for the slow licensing process.

He claimed that it was difficult to operate in the UK because there were heavy taxes and a highly bureaucratic regulator. He also noted that he might consider moving the company’s listing to the US rather than the UK, a move that would affect the London Stock Exchange.

The banking license is an important step in speeding up Revolut’s growth. This is because it shifts the company from its present role as an e-money entity that serves as a go-between for clients and licensed banks.