Revolut Business, which provides financial services tailored for companies, has rolled out a new Point of Sale (POS) system. After a period of beta-testing, the iPad app now facilitates payment and order-taking processes, particularly within the hospitality sector.
This initiative aligns with Revolut’s broader strategy to cement its position in the payment technology market for businesses. The neobank’s business division offers a borderless financial “super app,” catering to various business needs.
In addition to facilitating payments and orders, the new POS system streamlines store management for companies. This development adds to Revolut’s string of technological offerings, including a recently introduced scam detection feature powered by AI. This feature shields customers from card scams, particularly those involving investment opportunity frauds. Since its introduction, Revolut reports a 30% decrease in fraud losses linked to such scams.
Moreover, Revolut has expanded its offerings to include a robo-advisor for automated investing, available to customers across the European Economic Area. With a minimum investment requirement of €100 and a monthly portfolio management fee of 0.75% of the portfolio value, this service targets individuals seeking an easier way to invest without the need for active management or extensive trading knowledge.
Jesus Romo, General Manager of In-Person Payments at Revolut, said: “Revolut values the trust from all our Irish account holders and we are actively working to simplify their financial needs. For businesses having to deal with multiple vendors on payments and POS software, we have created Revolut POS. Simple, and everything under the Revolut Business umbrella.”
On the crypto front, the British fintech firm teamed up earlier this month with the self-custodial wallet MetaMask to introduce a new feature that enables users to easily fund their MetaMask wallets using their Revolut accounts.
With Revolut Ramp, users in the U.K. and the European Economic Area (EEA) will have the convenience of topping up their MetaMask wallets directly from their Revolut accounts. This should simplify the process of adding cryptocurrency to self-custody wallets. Users will also have the flexibility to use their fiat currency balance in their Revolut accounts or opt to pay using Visa or Mastercard cards.
