Revolut intensifies competition against Square and other fintech firms with its new payment terminal targeting larger enterprises in the UK and Ireland.
- The London-based fintech announces a sophisticated payment solution called the Revolut Terminal, poised for a strategic release during the bustling festive season.
- Designed for larger businesses, the terminal integrates seamlessly with Revolut’s ecosystem, enhancing operations with features like analytics, table mapping, and multi-location management.
- Merchants using Revolut Terminal will benefit from competitive transaction fees and customer incentives through the Revolut Pay app.
- Revolut aims to capture market share from legacy payment systems by offering robust and reliable technology.
Fintech giant Revolut is stepping up its rivalry with established players like Square and SumUp by introducing the Revolut Terminal. This state-of-the-art payment terminal is specifically aimed at larger businesses and retailers in the UK and Ireland. Launching during the high-traffic festive season, this move aligns with Revolut’s strategic initiative to expand its presence in the business-to-business sector, as noted by City AM.
Revolut Terminal comes as part of the company’s merchant acquiring division, which has been rolling out products since 2021 under the brand Revolut Business. This new device offers a comprehensive suite of features, including access to Revolut Pay—a streamlined checkout process that facilitates payments directly through the Revolut app for its 45 million-plus global users. Customers earn ‘RevPoints’ through the loyalty program, while merchants enjoy reduced fees at 0.5 percent plus £0.02 per transaction.
The terminal offers more than just transactional benefits. It can be fully integrated with Revolut’s software, granting merchants access to valuable analytics, table mapping, multi-location management, and an organized customer catalogue. Revolut reports having processed payments for over 65,000 merchants in the past year, with in-person transaction volumes seeing a fourfold increase.
Alex Codina, general manager of Revolut’s merchant acquiring business, highlighted the revolutionary potential of Revolut Terminal. “This is one of the major new bets that we have as a company,” he stated, noting that while current offerings such as the card reader and iPhone tap-to-pay address the needs of small businesses, the new terminal targets larger SMEs operating across multiple locations.
Codina further emphasized Revolut’s commitment to providing reliable transaction processing, particularly during peak periods like Black Friday, when demand can disrupt digital payment systems. Revolut Business has boasted 100 percent platform uptime on these occasions and aims for near-perfect reliability with the new terminal. “The larger the business is, the more important the reliability component is,” Codina remarked. “So there cannot be a single minute that the merchant is not able to accept payments.”
Challenging traditional and fintech competitors, Revolut Terminal seeks to overtake legacy systems prevalent in in-person payments. Codina confidently asserted Revolut’s unique market proposition, noting the firm’s unparalleled ability to market directly to its vast user base of over 45 million people, setting it apart from both established and emerging competitors.
Since being founded in 2015, Revolut has grown from a digital payments app to a global fintech powerhouse, now also offering services such as cryptocurrency trading and eSIM plans. Recently, the firm achieved a record pretax profit of £438 million and reached over 10 million retail customers in the UK. The launch of Revolut Terminal reflects its continued evolution and ambition to be a dominant force in the financial technology sector.
Revolut’s unveiling of its payment terminal underscores its strategic commitment to expanding and innovating within the fintech industry.
