Revolut Business Introduces QR Codes For Payments
Business owners from all walks of life — cafes, retailers, the trades — can access QR codes on their phones using the Revolut Business app. No external devices are needed.
“The popularity of QR codes has increased as this payment method is quick, easy and allows people to make socially distanced payments, which are increasingly important during the global pandemic,” Paulo Guichard, product owner for acquiring at Revolut, said.
“We’ve removed the need for additional devices or hardware, as all business owners have to do is use their Revolut Business app and show customers a QR code to accept payments straight away through this efficient and touch-free method,” Guichard said.
Business owners can generate a QR code on their smartphone and the customers in turn scan the code and pay with Apple Pay, Visa or Mastercard on their own iOS or Android device. The contactless solution facilitates instant payments over wifi so funds are cleared before the customer leaves the premises.
QR codes are available to Revolut Business customers in the U.K., Austria, Belgium, France, Denmark, Germany, Ireland, Italy, Netherlands, Poland, Portugal, Spain, Sweden, Bulgaria, Croatia, Czech Republic, Estonia, Finland, Greece, Hungary, Lithuania, Luxembourg, Norway, Slovakia and Slovenia.
To enable QR codes, Revolut Business customers need to update their app to version 2.28 in the iOS or Android store. Revolut Business customers will also need to apply for a Merchant Account within their Revolut Business Account to use this.
Revolut Business, the business account from FinTech Revolut, was launched in 2017 across the UK and Europe. Revolut Business works with over 500,000 business customers worldwide.
Revolut, co-founded by Nikolay Storonsky and Vlad Yatsenko, partnered with the insurance company Chubb in January to offer a range of coverage, including purchase protection, refund protection, and ticket cancellations. Revolut also applied for a U.K. banking license in January.