Revolut Introduces Cash Deposit Feature for UK Customers in Partnership with Paysafe
In a move that expands its suite of financial services, Revolut has announced the launch of a cash deposit feature for its UK customers. Known primarily for its digital payments, Revolut is now catering to customers who still rely on cash transactions. This new feature enables users to deposit cash directly into their Revolut accounts at over 5,000 locations across the United Kingdom, with plans to increase this number to more than 12,000 in the coming months.
Implemented in partnership with Paysafe, the service is designed to be user-friendly. Customers can generate a time-sensitive barcode via the Revolut app, which can then be scanned at participating retail locations to complete the deposit.
The process is straightforward: deposits start at a minimum of £10 and can go up to a maximum of £500 per transaction. There are also daily and monthly limits in place. While the first £100 deposited is free, subsequent deposits incur a 1.5% fee.
Gabor Hava, Head of Core Payments, Global Business at Revolut, commented on the new feature:
Our cash deposit solution meets clients’ real needs: by partnering with an industry expert like Paysafe, we are now able to offer a fast, simple to use, and compliant service that will allow thousands of people to deposit cash into Revolut from different locations and exchange currencies in-app to make transfers to family and friends in other countries.
Gabor Hava
Revolut’s innovative approach continues to set it apart in the fintech industry. By integrating cash deposits, the company is not only responding to user demand but also enhancing its comprehensive range of financial services. This new feature is expected to make managing finances even more convenient for Revolut’s growing user base.
Looking ahead, Revolut plans to extend the cash deposit feature to other markets within the European Economic Area, progressively rolling out the service to meet the needs of its international customers.
Impact on Casino Players Using Revolut
The introduction of cash deposits to Revolut accounts is poised to have significant implications for casino players who use Revolut as their primary payment method at online casinos. Here are some key impacts:
Increased Convenience and Flexibility:
Casino players can now deposit cash directly into their Revolut accounts at numerous locations across the UK. This feature provides added convenience, especially for those who prefer dealing with cash. It also enables players to easily top up their accounts before playing, ensuring they always have funds available without needing to visit a traditional bank.
Enhanced Security:
With the ability to deposit cash through secure retail locations, players can avoid carrying large amounts of money, reducing the risk of loss or theft. This adds a layer of security to the overall gaming experience.
Cost Efficiency:
The first £100 deposited is free, which can be particularly beneficial for casual gamers who make smaller, more frequent deposits. However, it’s important to note the 1.5% fee that applies to deposits beyond this amount, which might be a consideration for high-stakes players.
About Revolut
Revolut is a global financial technology company that has revolutionized the way people manage their money. Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut offers a wide range of digital banking services including currency exchange, peer-to-peer payments, and now, cash deposits.
With a mission to build a borderless financial world, Revolut provides its users with tools to control their finances seamlessly through a mobile app. The company has rapidly expanded, serving millions of customers across more than 35 countries and supporting transactions in multiple currencies.
