As crypto payments and crypto banking grow in popularity, digital banking super app Revolut is looking to introduce crypto to its customers.
The company is making cryptocurrency a viable payments option to give Revolut card customers a way to use their crypto balance to pay for eCommerce and in-person purchases, according to a Thursday (Oct. 27) notice sent to Revolut customers.
“We’ve made a change to our Crypto T&Cs to include a new ‘spend from crypto’ feature, letting you use your cryptocurrency balance to pay for everyday purchases on your Revolut card,” the company wrote.
The notice also indicated that starting on Nov. 1, and for a limited time, customers will also be able to earn 1% cash back on all their crypto balance spent.
Using crypto as a form of payment for eCommerce purchases is nothing new. A PYMNTS research report, “Shopping with Cryptocurrency: Tech-Driven Consumers Drive Market Acceptance”, found that 33% of tech-driven consumers buy cryptocurrency to use it for shopping.
Another recent PYMNTS data report, “How Consumers Use Digital Banks,” states that 36% of consumers are highly interested in using a digital bank in the next year.
As a digital banking platform, Revolut’s expansion into crypto payments capabilities for its users makes it a more attractive digital banking platform compared to its competitors.
Revolut also already offers in-app trading for over 30 digital currencies and has more than 20 million personal users on its platform, according to the company’s website.
Last month, Revolut introduced another payments innovation: Revolut Pro. The income, expense and payment management account is a new tool for self-employed workers. The free resource allows for multi-currency payments with a physical or virtual card, Google Pay and Apple Pay, as well as money transfers.