Why are you offensive, Povilas?
Everybody is waiting for Apple Pay at :r: like hell, but really, this manner will not speed up the process…
This manner?. Please explain to me how Starling running a limited beta program managed to do this?
UK residents only, GB Pound only, UK regulator only?
Revolut is also registered in UK.
I cannot explain to you since I’m only a customer of Revolut, but I guess Starling Bank is for UK residents only and NOT for everyone in the world… That being said i think it’s a more complicated process as far as regulatory goes…
yes, it is, but offering service not only in UK for UK residents only
So? Just like N26, but that one is moving much faster it seems.
The problem with Revolut is that they are all over the place literally. Registered in the UK, but offering services outside UK, EUR accounts with Lithuanian IBANS, cards issued by multiple issuers, etc.
Now try to make sense out of all this and find the place where all ends meet.
It all ends up with a card which has worked fine for me for 2 years now, daily saving me money.
The only product that they’ve been working on since 2014 was creating a fully-functioning current account regulated by FCA and the PRA. The fully-authorised current account means that Starling is a UK retail bank, in which case it can issue debit cards on its own. Therefore Apple Pay integration is faster.
Meanwhile, Revolut have been working on many other product lines in its offering since 2014.
The situation is not comparable.
I don’t want to say you’re ignorant, but at the same time, your tone is beyond constructive. Critical without reason, possibly due to your lack of understanding.
See above.
Starling has been solely focusing on their UK current account product (which is currently only available for UK residents. It is rolling out to Ireland, but as I mentioned in Apple Pay support - #263 by capital, access to every new market will require authorisation by the national financial regulator (and if it has one, possibly the national central bank.).
They have only launched their product in public (Beta programme.) in 2017.
If you look at Starling’s roadmap, there are features that Revolut has that Starling doesn’t. For example, virtual cards.
Revolut and N26 have different product pipelines and different goals. Revolut has decided to focus on certain features and product offerings, whereas N26 have other areas that they want to focus on. Revolut introduced Insurance as a product line before N26, which only did so earlier this month. Revolut will have the first cryptocurrency offering in the retail banking industry (This includes legacy banks.). N26 won’t.
Revolut’s execution speed, in terms of rolling out new features, is incredibly quick, especially when compared to the other fintech challenger banks. Revolut Premium. Revolut Express Delivery. Apple Pay and Android Pay top-up. Spare Revolut cards. Granular security options (Spending limits, disabling contactless payments), spending statistics. Bill splitting. Rita. Revolut GBP current accounts. New mobile app design. PLN, CHF as currencies. 11 new currencies. Return to the Swiss market (Mainly due to regulatory issues arising out of Switzerland not being in the Eurozone.). Revolut for Business. Personal Euro accounts.
I am not cheerleading for Revolut, but at the same time, what you are saying is incorrect.
That is the nature of a next-generation bank that aims to service citizens who have financial interests across the globe.
What you see as a weakness–‘Revolut as all over the place’–I see it as a strength.
The flexibility in Revolut being able to adapt to unique circumstances makes Revolut quite strong.
Addressing each complaint of yours by turn:
•Registered in UK but offering services outside the UK: I don’t see how this is a problem. Having customers outside the UK is not an issue. There are people on this forum complaining about why their specific country is not available (Previously Swiss users.) for sign-up and usage, which shows that there is international demand.
•EUR accounts with Lithuanian IBANs: Revolut signed a memorandum of understanding in October 2016 with the Lithuanian central bank (https://www.lb.lt/en/news/the-bank-of-lithuania-and-revolut-limited-signed-a-memorandum-of-understanding-on-expansion-in-lithuania), which turns out, is the framework in which Revolut are able to issue personal EUR accounts. This is an incredibly clever arrangement where Revolut is able to provide personal EUR account services, even if Brexit leads to a ‘hard Brexit’ (as Lithuania will remain a Eurozone country.).
•‘Try to make sense of this’: I find the current arrangements perfectly understandable and manageable. Revolut partners with many companies, some of which are national, and some of which are international, for their product offerings. They use Currency Cloud as part of their currency account offerings. They use WireCard (Previously PaySafe) to serve as their MasterCard Principal Member issuer, and for the provision of cards. They use Google Cloud Platform for their cloud hosting. They’ve partnered with the central bank of Lithuania for the provision of their personal EUR accounts. They’ve partnered with Zurich for the ‘health insurance’ portion of Revolut Premium (Now discontinued for new users.), and Simplesurance for Revolut Device Insurance. They use MasterCard as their payment network.
In summary:
I don’t want to say you’re ignorant, but at the same time, your tone is beyond constructive. Critical without reason, due to your lack of understanding.
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So if I’m already a registered Revolut user (Hungarian resident) will I automatically enjoy the Apple Pay service through :r: when it goes live?
In my case - since I was able to register for :r:, Hungary does not count for new market?
To put it another way will you have to negotiate with every country you have customers from? Will Apple Pay service be restricted to only those users of countries you have financial regulatory agreement in place? I hope not, since I can use my physical Revolut card here in Hungary at any merchant.
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I’m not sure.
It’s possible that the hold-up is due to Revolut wanting to get Apple Pay working for every Eurozone country if possible before launching, or due to MasterCard being incredibly slow at approving them as a MasterCard Principal member.
If you look at the other providers, they do it on a country-by-country basis.
May 2017: Apple Pay - N26
July 2017: https://n26.com/we-will-bring-apple-pay-to-spain-later-this-year/
July 2017: Apple Pay - N26
January 2017: https://www.wirecard.com/newsroom/press-releases/newsdetail/boon-to-bring-apple-pay-to-customers-in-france/
May 2017: https://www.wirecard.com/newsroom/press-releases/newsdetail/boon-with-apple-pay-continues-growth-in-europe-with-market-launch-in-italy/
July 2017: https://www.wirecard.com/newsroom/press-releases/newsdetail/wirecard-now-offering-boon-with-apple-pay-in-spain/
I’m not interested in excuses and rationalisations. If i needed one i could have found one myself.
Yes… and that is why I’m a bit worried… 
In those countries above Apple Pay already exists. While in others, let say eastern Europe (not counting Russia) service is unavailable… 
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Rather weak argument this time 
At this pace, one morning, very soon, i will forget it even exists. That is reality of the situation. All 3rd party companies involved with Revolut support Apple Pay. MasterCard, WireCard, PaySafe. What’s the hold up?
Actually the only reason i still care little bit is top up speed which would be better with Revolut, because Boon takes 3 days minimum.
I need a reliable product, really not looking forward to beta testing this with my own money for them free of charge.
Potentially the reasons can be those capital described.
web app? this day and age? Really?
Simply imagine losing or breaking your phone.
That happens much less often than with wallets and even then your money will be safe since no one has your fingerprint and app pin codes.
1 Like