One of the largest UK challenger banks, Revolut, has introduced Payment Links to its Revolut Business clients to simplify online payments. The new feature enables business owners to accept payments ‘straight away’ with QR codes.
To initiate a payment request, merchants need to use the Revolut Business app to generate a barcode alongside the preferred currency and amount the customer should pay. They will then show the code to customers, and scan it with their smartphone camera.
Customers will receive a prompt to pay with Apple Pay, Visa, or Mastercard and complete the transaction from their devices. Merchants will no longer request email addresses or phone numbers while enabling payments.
This approach ensures all payments are touch-free to help business owners adhere to social distancing regulations amid the Covid-19 pandemic. Revolut notes that:
“In the world of social distancing, every in-person interaction should put our health and safety first. With QR codes, nothing has to touch – you can simply show the code, and your customer can scan it while still maintaining a reasonable space between you. No more cash or entering a pin into a card terminal. With real-time notifications, you’re also able to ensure that payments are successful while still with the customer.”
According to Revolut, QR codes eliminate the need for additional hardware to make payments. Moreover, this payment solution is instant, meaning funds are transferred into the merchant’s account and cleared immediately.
The launch of Payment Links is part of Revolut’s current expansion plan. Recently, the company began offering US dollar and British pound savings accounts for UK users. The new features are geared towards making Revolut attain the status of ‘super financial app.’