Revolut said its card reader will allow businesses to accept payments anywhere with fast speeds and competitive transaction fees.
Revolut has announced plans to launch a card reader in the UK and Ireland, the company’s first hardware device on the road to personal payments.
Called the Revolut Reader, the device comes with a battery and accepts transactions using debit cards, credit cards, and contactless payment methods like Google Pay and Apple Pay.
The British neobank said the card reader will enable businesses to accept payments anywhere, whether their business is “in person or on the go”.
According to Revolut, the card reader takes less than five seconds to make payments and allows customers to accept, process and store payments within a single account. The British neobank also promises competitive transaction fees.
According to Revolut, the card reader can be adapted to other POS systems within a company. The company also plans to create its own POS option in the coming month to give larger businesses more flexibility.
The company said business accounts can be connected to Revolut Reader to get free access to smart Revolut Business tools like IBAN for global transfers, payment requests, expenses, subscriptions, payroll and corporate card management services.
“When developing new products, our team always has the customer needs in mind: a fast and easy-to-use solution that doesn’t slow down business, easy access to funds and faster payment than the industry standard of 2-3 business days,” said Revolut product owner Maria García Marti.
“Plus the security and long battery life of a small, pocket-sized device that can streamline operations without having to manage multiple accounts and systems,” said Garcia Marti. “That’s exactly what Revolut Reader offers our business customers: unlock real business growth,”
Revolut has over 18 million personal customers, with over 1.7 million in Ireland and over 500,000 corporate customers worldwide. The neobank has dared leaps into new areas in recent months.
For example, Revolut recently shared plans to launch a Buy Now, Pay Later (BNPL) service in Europe, despite having to compete with Klarna and a growing number of other providers.
The company also expanded its banking services in Ireland this year. Revolut Bank launched deposit accounts for its Irish customers last March, after launching its personal lending feature in Ireland the month before.
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