Category: Finance

Revolut Secure is here, plus new security feature to safeguard customer savings

Revolut, the global fintech with over 2.8 million customers in Ireland and 40 million globally, has launched Wealth Protection in Ireland, an extra layer of in-app identity verification, designed to prevent thieves from accessing the money customers have within the Savings & Funds* or Pockets** sections of their Revolut app. 

Wealth Protection will help to further protect customers who have had their unlocked phone stolen, or password and face recognition compromised, and stops criminals from withdrawing customers’ hard earned money.

Many banking apps rely on just one biometric authorisation (like facial or fingerprint recognition) built into mobile devices, usually when opening the app. However, if a pickpocket gains access to the device and changes the registered fingerprint or facial image to their own, this could be bypassed.

Revolut is going one step further with its advanced facial technology. When turned on, Wealth Protection will verify the identity of the user against the selfie ID checks that the customer completed when first signing up to Revolut. This helps to stop fraudsters transfering money out of their Savings & Funds or Pockets — even if their phone security has been compromised. The Wealth Protection feature requires users to opt-in and customers are encouraged to enable it.

Revolut will be one of the first to implement such a Wealth Protection feature and is doing so ahead of a busy summer travel and festival season, bringing with it greater risk for theft at large-scale events and crowded tourist hotspots. Physical theft was responsible for 38% of all unauthorised fraud losses in 2023 and pickpocketing is surging globally.

Customers are also at a heightened risk of ‘shoulder-surfing,’ where fraudsters first identify phone and banking-app passwords and then use this to bypass security measures, as well as having their phone taken whilst unlocked.

Woody Malouf, Head of Financial Crime at Revolut, commented: “We take fraud and financial loss incredibly seriously. With phone thefts on the rise, Wealth Protection is built to counteract theft by providing our customers with that extra layer of security when they’re out and about this summer. Our customers will be able to rest easy knowing that even if their phone is lost or stolen, their funds are more secure.”

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, added: “Put simply, Wealth Protection is a feature that makes managing money much safer and more reliable. As we continue to further innovate on our market-leading banking experience, our focus will fervently remain on the security of our customers’ money. The increase in balances for our recently launched Instant Access Savings deposit accounts emphasised the growing number of Irish customers that trust us with their money, and this new feature provides them with that extra layer of security, along with greater peace of mind.”

Wealth Protection is launching this month as part of Revolut Secure, which brings together Revolut’s cutting-edge security features to give customers more control over how their money is protected.

Revolut also has robust protections in place for customers behind the scenes including AI models, more than 4,000 trained anti-financial crime professionals and an experienced team made up of fraud specialists, data scientists, and ex-law enforcement. In 2023, Revolut prevented over €550m of potential fraud against its customers globally and is consistently working on updating protections to stay one step ahead of fraudsters.

 

Revolut announces debit card loyalty programme, RevPoints, in Ireland

Revolut, the global financial app with more than 40 million customers worldwide has today announced RevPoints, a pan-European debit card loyalty programme across several EEA markets, including Revolut’s 2.8 million plus customers in Ireland.

This new initiative allows customers to turn their everyday spending into extraordinary rewards, including airline miles and exclusive discounts on travel, accommodation, experiences and more.

RevPoints offers broad and accessible redemption options that cater to a variety of lifestyles and preferences — without needing a credit card.

Customers can transfer their RevPoints to more than 30 airline loyalty programmes, including Flying Blue, making travel more attainable than ever in spite of surging flight prices.

Additionally, RevPoints can be redeemed for significant discounts on premium holiday accommodation and unforgettable experiences through the Lifestyle tab within the Revolut app.

For everyday convenience and rewards, points can also be used for discounts at top Irish brands such as O’Neills and DID Electrical when shopping online with Revolut Pay, ensuring that Revolut customers can make use of every point earned.

Depending on their plan, users can earn up to 1 point per euro spent, and even accelerate their earnings by converting spare change into points, completing fun in-app challenges or on in-app bookings for Stays and Experiences.*

New users can jump-start their journey with 3,000 points (equivalent to 3,000 air miles or up to €60 in travel discounts) after making 150 eligible transactions. Plus, customers can pocket up to 10,000 bonus points by upgrading their plan and meeting spending thresholds within the first 90 days.

For those on Revolut’s Ultra plan, the rewards skyrocket. Customers who spend €2,500 a month could earn up to 30,000 RevPoints annually – enough for a free round trip from Europe to New York or a €600 hotel discount.

Since the trial launch in September 2023, over 1 billion RevPoints have been earned and nearly 120 million points redeemed by Revolut users across seven European markets.

Christopher Guttridge, General Manager of Lifestyle Products at Revolut, said: “At Revolut we’re all about helping people get more for their money. RevPoints is set to transform everyday spending into things and experiences people love, by converting routine purchases into rewards.

Unlike many loyalty programmes, we make RevPoints accessible to all by ensuring customers can maximise the benefits of using Revolut as their primary bank account without requiring a credit card.”

Revolut customers on Premium, Metal, and Ultra plans not only get rewarded with extra RevPoints for their daily spending, but also a variety of subscriptions which include the Financial Times, Deliveroo, Tinder, ClassPass, NordVPN, and more.

Since launch, Revolut has continued to expand the partner benefits available, with more subscriptions coming coon.

Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, whilst it ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

For more information, visit: www.revolut.com/en-IE

Revolut expands investment offering with bonds in Ireland

Revolut, the financial app with more than 40 million customers worldwide and over 2.8 million in Ireland, has added bonds to its investment offering in Ireland. Its investment services in the EEA are provided by Revolut Securities Europe UAB (Revolut).

Bonds emerge as a good starting point for those individuals who tend to be more risk-averse, normally offering stability and great portfolio diversification. Good credit ratings and protection against inflation further contribute to their appeal for investors seeking stability and potentially reliable returns. Both governments and corporations utilise bonds as a means to raise capital, offering investors the chance to effectively lend money in exchange for periodic interest payments and eventual repayment of the principal amount. Different bond types offer various risk and return profiles, and they should be assessed accordingly. Bonds’ returns might also make them a good hedge in case of a wider economic downturn. 

Revolut currently allows trading of close to 40 corporate and government bonds and will expand the list in the upcoming months. The minimum amount to start investing in bonds is USD/EUR 100, with 0.25% fixed fee per trade (min. USD/EUR 1). Other fees may apply.

This is yet another step in Revolut’s mission to build an all-in-one investment platform that is multi-asset class, has coverage across EEA markets, and caters to both advanced and beginner users. With access to 2,800+ US and EU listed companies, and 500+ Exchange Traded Funds (ETFs), users can check the performance of their investments in real-time with live watchlists, trading charts, and market news — all within the Revolut app.

Earlier this year, Revolut also removed the custody fees (0.12% of annual market value of the assets held by the client) across all the financial instruments offered in the app to UK and EEA customers by Revolut Trading Ltd and Revolut Securities Europe UAB, respectively.

Rolandas Juteika, Head of Wealth and Trading (EEA) at Revolut, said: “We continue expanding Revolut investment offering with bonds, a great way to diversify the investment portfolio, hedge against uncertainty, and generate fixed income. With higher potential returns and diversification benefits, bonds offer a compelling alternative for investors seeking to build wealth and preserve capital.”

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, added: “Bonds trading is just another way in which we are solving all things money for our customers in Ireland and we expect this to be a very useful addition for those wishing to grow their wealth. Along with our recently introduced Instant Access Savings product and our automated portfolio management tool Robo-Advisor, Revolut remains a frontrunner in helping Irish people to grow their finances more broadly.”

Revolut has recently introduced a wide array of investment options for its customers across the EEA, all available within the Revolut app: US, EEA stocks, ETFs and now bonds. The company has also introduced Trading Pro — a paid subscription that offers, among other benefits, access to pricing benefits (e.g. lower commission fees and higher order size limits) and additional analytics features. For those less experienced investors, Revolut offers its Robo-Advisor service, which is most advantageous for customers who have limited or no trading experience, or simply don’t have time to do extensive research and actively trade.

Investment services in the EEA are provided by Revolut Securities Europe UAB (“Revolut”), which is an investment firm authorised and regulated by the Bank of Lithuania. As with all investments, capital is at risk. The value of investments can go up and down. Past performance, as well as a bond yield shown in gross, is not a reliable indicator of future performance and Revolut does not guarantee that your investment objectives will be achieved or that the portfolio will generate returns. You might lose your whole investment if the bond issuer defaults. The value of investments may be affected by currency fluctuations. Information contained herein is not a personal recommendation, investment advice or offer to take any investment decision. For further information, please see Revolut’s Trading Terms and Conditions, fees FAQ page, and risk description. 

Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, whilst it ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

For more information, visit: www.revolut.com/en-IE

Revolut Report: May marked start of summer of sport as consumer spending rose

Revolut, the global financial app with more than 40 million customers worldwide, and now over 2.8 million in Ireland, has crunched the numbers on Irish consumer spending over the last month, with the app’s own data revealing that fair weather and an upcoming summer of sport saw a spike in consumer spending across the country.

With the GAA All-Ireland Championship, Irish Rugby’s tour of South Africa, The Open Golf Championship, and the Paris 2024 Olympics all now coming into view, Revolut’s consumer spending analysis tracked nearly 55m card payments in May, indicating real-world spending trends by Ireland’s Revolut account holders, who made close to €1.25bn in card payments across the month — a rise of 7.95% (MoM increase) with figures adjusted for user growth.

The May sunshine sparked a significant increase in consumer spending on sports clubs, which jumped by close to 22% (MoM increase), a rise of more than 70% (YoY increase) when compared with the same period last year. Similarly, parents are paying out more this year for sports and recreation camps for their children compared to last, rising by 7.5% (YoY increase).

Sports apparel and sporting goods stores were the beneficiaries, with spending up more than 13% and 12% respectively (MoM increases). Meanwhile, consumers in Ireland were hitting the gym more often in May, with outlays on health and gym memberships rising by close to 20% (MoM increase) and over 23% (YoY increase).

May’s fair weather also saw Revolut customers flock back to the golf club, with expenditure on courses rising over 20% (MoM increase), likely inspired by The Masters in April and the upcoming Open Championship later this summer.

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “With now more than 2.8m customers across Ireland, we are able to draw genuine consumer spending insights from a data pool that represents over half the country. It’s therefore great to see a noteworthy rise in both general and sports-related expenditure, with our customers clearly inspired by the summer that’s ahead of us. Revolut supports customers with their health and fitness, with up to 20 credits for ClassPass and a digital personal trainer through Freeletics available via certain paid plans, providing greater access to gyms and fitness studios.”

Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, whilst it ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

For more information, visit: www.revolut.com/en-IE

Plum expands investment offering in Ireland with ETFs

Smart money app Plum has expanded its investment offering to include ETFs in Ireland and other EU markets. Customers can invest in diversified funds by geographical region, sector and asset class, as well as tracking multiple stock market indices from around the world.

In partnership with Berlin-based fintech Upvest, Plum now offers its customers investments in EUR-denominated ETFs, including fractional shares. As a result, Plum is able to offer them a broader, enhanced investment experience, in addition to the 3,000 US stocks it already offers.

The Easy ETF range, accessible without a paid subscription, consists of three globally diversified ETFs tailored to different risk levels to help customers start their investment journey. The rest of the ETFs are available with Pro and Premium subscriptions, with more than 40 carefully selected funds on offer in total, such as S&P 500 US, Artificial Intelligence ETF or Europe Dividend Income.

The launch of ETFs follows the success of ‘Plum Interest’, an innovative product based on a money market fund offering a variable return of up to 3.80%. Paired with Plum’s stock investing product, the company aims to offer Irish savers a full suite of products to build wealth over the long-term.

Victor Trokoudes, CEO and founder of Plum, comments: “We know already that people in Ireland are great at saving. But they’ve been let down by poor interest rates and inaccessible and confusing investment options from the traditional banks and providers. That is why we have carefully selected a range of ETFs that will provide customers with more high-quality options to put their money to work.”

“The recent success of our ‘Plum Interest’ product in Ireland shows that people are hungry for innovative products to build their wealth. Now, with the addition of diversified, expertly created ETFs as well, it will be easier than ever for people to invest in the sectors and regions that matter to them, as well as being more able to find the risk level appropriate for their circumstances.”

As well as Ireland, ETFs are available to Plum customers in seven other EU markets (France, the Netherlands, Italy, Spain, Portugal, Cyprus and Greece).

Revolut scam to be aware of if selling items online

OK so many of us are now using Revolut to pay bills and sort out financials on a night out or just paying IOUs and works really well and as we know now they are an official bank in Ireland but only virtual.

I keep a nominal amount on my card due to unforeseen incidents such as being overcharged or just landed with charges which often happens with hotels so they can’t touch it, where if you use your standard debit card now they can take money and if using a VISA credit card you can fight for your money back and get a chargeback via your bank.

Like many people will use their card to shop online any on that front we can now use our Revolut card to do the same however clever scammers now also use this as a way to scam you which they tried on me recently.

This scam works the same way as you would get from a Paypal scammer asking you for details, the key thing they will ask for is your email address so as to send you the email to give you one back looking legitimate from the company and only recently this happened to me on Paypal too.

Of late Revolut is taking a lot of slack over scams due to the nature of contacting them and how it is dealt with here in Ireland and presumably the same elsewhere in the world.

Again having contacted Revolut about this I yet have to hear anything back about it but beware if you are buying online this scam is identical to one that has been on Paypal before and as always when buying or selling online be careful as this kind of things is rampant on the likes of Facebook who also have yet to respond to the matter which is nothing new.

 

Revolut and Aer Lingus reveal Irish holidaymakers’ most-booked destinations

Revolut, the global financial app with more than 40 million customers worldwide, has together with Irish flag carrier Aer Lingus unveiled the most sought-after destinations booked by Irish holidaymakers for Summer 2024 (July and August).

In January, Revolut formally announced that Aer Lingus had adopted Revolut Pay, providing a one-click checkout for its customers. It was Revolut’s first foray into the airline industry, with the global financial app looking to move further into the travel space after becoming Ireland’s first financial institution to offer eSIMs to its more than 2.7 million customers back in March.

Popular sunny destinations Spain, Portugal, France, and the Canary Islands all featured in the top 10 destinations for holidaymakers, while longer haul trips to US cities New York, Chicago, Boston, and Orlando were all booked prevalently by Revolut customers. For city breaks, Paris has proved particularly popular with Irish jetsetters — with many using their Revolut account to book flights to Charles De Gaulle, likely to experience this summer’s Olympic Games in the French capital.

Adjusted for user growth, there was a more than 22% rise (YoY increase) in the amount of Aer Lingus flights booked through Revolut Pay or with a Revolut card in Q1 2024 versus Q1 2023 — the most popular quarter of the year for booking travel, according to the airline.

Following the airline’s commitment to providing a secure and seamless one-click checkout, on average, it now takes an Aer Lingus customer less than 10 seconds to pay for a flight with Revolut Pay.

Alex Codina, General Manager — Merchant Acquiring, said: “It’s been brilliant to see how Revolut Pay’s simplified checkout experience has helped so many more Aer Lingus customers book their dream destination, in what we expect to be a record-breaking travel season for Revolut users. Wherever our customers are jetting off this summer, our range of useful travel features, such as currency exchange, airport lounges, travel insurance, and eSIMs, will help people to spend like a local and travel in style, avoiding costly bank charges or unexpected data roaming fees — and it all starts by booking flights with Revolut Pay.”

Since its soft launch in late November 2023, Aer Lingus reported a 277% increase in Revolut Pay transactions when comparing both December 2023 and January 2024 (MoM increase).

Susanne Carberry, Chief Customer Officer at Aer Lingus, added: “At Aer Lingus, we know that our customers love to seek out new destinations, as well as visiting firm favourites like Spain and Portugal. For summer 2024, we’re offering Aer Lingus customers a wide range of choice as we operate the largest ever North American network, including the commencement of new services from Dublin to Minneapolis St. Paul and Denver, as well as an expanded European leisure network. We’re also hugely excited to be launching an exciting new route to Las Vegas later this year, giving holidaymakers an incredible new winter travel destination to consider. Aer Lingus is proud to have become the first airline in the world to offer Revolut Pay as a payment option, which offers customers a seamless one-click check-out experience.”

 

PayPal launches its most advanced solution for small and medium-sized enterprises in Ireland

PayPal today announced the launch of PayPal Complete Payments for small and medium enterprises in Ireland. The solution – which has been rolled out across the UK, Canada and more than 20 European markets – enables enterprises in Ireland to accept a range of payments including PayPal, Apple Pay, Google Pay, credit and debit cards, and alternative payment methods from around the world.

Forrester and PayPal research found that 63 per cent of online shoppers would not purchase from a brand if it had a poor checkout experience – with 43 per cent of customers likely to buy if the checkout offers their preferred payment type.

Businesses across Ireland face a variety of challenges every day, from finding new customers and managing cashflow to driving sales. Expanding the choice of payment methods for shoppers can help turn potential customers into actual customers and help increase sales. A Censuswide survey of enterprises revealed that diverse payment options that cater to customer preferences (27%), fast and reliable processing to minimise transaction delays (26%) and dispute resolution services (25%)—are crucial factors that enable business growth.

“We’re bringing our latest innovation to Ireland with PayPal Complete Payments, that enables small and medium-sized enterprises to offer their customers the same level of service and user experience as large enterprises,” said Jonas Breding, General Manager, Northern Europe, PayPal. “With PayPal Complete Payments businesses are seeing on average 4.2 per cent lift in credit and debit card acceptance for neighbouring markets like the UK. This demonstrates we are delivering greater value for our customers by boosting customer conversions and helping drive revenue.”   

PayPal has integrations with several ecommerce platforms – including BigCommerce and WooCommerce – which make it easier for their customers to quickly take advantage of this new solution.

This new solution enables eligible enterprises to allow their customers to securely store their payment methods in the PayPal vault for future purchases. This provides a seamless shopping experience for consumers, and helps Irish enterprises drive conversions and repeat buyers.

Businesses can sync order and tracking information with a new feature–Package Tracking. For businesses, sharing tracking data with PayPal can mean fewer customer disputes, and a streamlined resolution process that eliminates manual responses, which can reduce costs. Transactions with tracking details often see 80 per cent lower “item not received” dispute claims.

To help keep small businesses secure in an environment where fraud is on the rise, PayPal Complete Payments will continue to offer Fraud Protection, Chargeback Protection and Seller Protection on eligible transactions.

This solution is available at competitive rates for accepting credit cards and other payment methods online. Small businesses can now choose between flat-rate pricing and flexible pricing, which helps them get paid the full amount up-front and gives them a transparent view into processing costs.

Revolut launches Instant Access Savings in Ireland

Revolut, the global financial app used by more than 40 million customers worldwide, has today rolled-out Instant Access Savings accounts to its more than 2.7 million customers in Ireland. Instant Access Savings accounts are a new and better way for customers in Ireland to save their money. Customers will be able to earn daily, competitive interest of up to 3.49% AER on their deposits, all in just a few taps.

Instant Access Savings complements an existing feature Revolut announced in Ireland earlier this year, which enables customers to invest their cash in money market funds to grow their wealth in either EUR, USD, and GBP.

Instant Access Savings is the newest feature to Revolut’s all-star financial app, where customers will have, upon launch, access to interest on deposits at the following variable annual gross rates: Standard & Plus plans 2% AER, Premium 2.5%, Metal 3%, and Ultra 3.49%.

Revolut’s new Instant Access Savings account gives customers the ability to move their cash into their savings as soon as their salary reaches their account, earning interest on those funds every day, unlike other banks. Customers who would like to earn higher interest rates can upgrade their existing plans from Standard to paid plans in just a few taps within the app.

Instant Access Savings offers savers in Ireland full control too; customers will have access to their funds on-demand whilst earning competitive interest, adding or withdrawing at any time.

Joe Heneghan, Partner & Chief Executive Officer – Revolut Europe, said: “The Irish banking landscape is characterised by some of the lowest deposit rates in Europe, tricky or confusing limits, inaccessibility, and a real lack of competition. Today, Revolut is stepping in with a solution that makes saving money much better and much simpler for the people of Ireland. With our app now the preferred choice for managing finances every day for millions of customers in Ireland, we’re introducing Instant Access Savings accounts to offer customers great rates of up to 3.49%, full control over their money at any time, and interest paid out daily. Now when payday arrives, customers can confidently allocate a portion of their salary to their savings without having to worry about accessing it when they need it.”

Albert Codorniu, General Manager of Savings at Revolut, commented: “This is a key step in our mission to make Revolut the best choice for everyday banking. With daily interest payments and instant-access withdrawals, secured by our fully licensed bank, we’re making it simpler and better than ever for our customers to save and grow their money in Ireland.”

To open an Instant Access Savings account and start earning interest, customers need to:

  • Update their Revolut app to the latest version.
  • Tap on ‘Accounts’
  • Tap ‘Add new’
  • Scroll down and tap on ‘Savings & Funds’
  • Choose ‘Instant Access Savings’.

For more information about the product see product T&Cs. For more information about deposit protection see the deposit insurance page. For more information about complaints and disputes see the complaints policy page.

Revolut bank UAB is authorised by the bank of Lithuania in the Republic of Lithuania and by the European Central Bank and is regulated by the Central Bank of Ireland for conduct of business rules.

For more information, visit: www.revolut.com/en-IE/instant-access-savings