Yes sure, the fee taken to the merchants is pretty big. In fact it’s around 1.30% for a Chip & PIN payment with a MasterCard Prepaid in the UK (domestic card). But all depends ont he method, type of card etc…
I think Revolut already made the maths and is already planing to add it!
As far as I know Revolut (or any other card issuer) does not earn anything when people use their card. The commission from the merchants goes to the POS owner (bank) and then they pay part of it to VISA/Mastercard. Please correct me if I am wrong.
“Interchange is a small fee paid by a merchant’s bank (acquirer) to a cardholder’s bank (issuer) to compensate the issuer for the value and benefits that merchants receive when they accept electronic payments. It enables banks that issue electronic payments to deliver tremendous value to merchants, governments and consumers.” — Matercard.us
Hey I think also that Apple Pay should be first priority because it’s will be very helpful not to carry our Revolut card always. Also Revolut is exclusively app so why its not working with Apple pay
Revolut will have its MasterCard Principle License in the next 6-12 months as announced to investors. We talked about this in a similar post (can search it) w/ official response. They didn’t close the way for Pay Spending down the road.
Revolut should NOT prioritize Apple exclusive services at the expense of other customers. Number one priority for Revolut should be supporting services all customers can use equally. I have to use Revolut using Bluestacks android emulation on PC because Revolute STILL doesn’t have a Windows app I can use on my Windows tablet or Windows Phone, or even a simple web app. Revolut should concentrate on getting contactless cards out to all customers, as these can be used by anyone without an app and are not tied to a specific phone model. Once that is implemented, and once they have a Universal app or web app, then they should look to supporting Android Pay, other phones using Host Card Emulation, and Apple Pay, equally.
Hey @edward & @anon33247966 can you give us a little update on your plans to implement Apple Pay for payments? I believe Revolut has to become its own card issuer in order to implement Apple Pay, is that right?