Connect Revolut to Paym


#1

Revolut should join all the major banks in enabling transfer via mobile phone numbers.


#2

Hey @erjlo88 :slight_smile:

PayM doesn’t even exist in many countries.
I would vote for Bizum (which is also not really extended) :wink:


#3

It is supported in the UK though. All other major UK banks are connected.
Would be a very convenient feature to have.

Perhaps as a premium feature.

Generally, I feel there is much to be desired in the premium features. Currently there is little to justify the premium expense for what effectively is only an increased ATM withdrawal limit - I have now opened a Monzo account for this sole reason. Get it together Revolut!


#4

https://www.paym.co.uk/get-paym/

List of PayM-supported banks seem to be only legacy banks.

Plenty of features justify the yearly subscription fees for Revolut Premium.

In addition, no other ‘neobank’ has a currency account feature (let alone in 26 different currencies.). Whilst it’s true that Starling and Monzo are planning on integrating TransferWise into their app, it appears that the feature will be limited to transfers, rather than having a currency account system in place.


#5

Let’s break down and explore the financial value of the increased withdrawal limit with the premium account. Please correct me if my thoughts are misguided.

Standard account:
Cost: free
Free withdrawal limit: £200
Cost to withdraw >£200: 2%
=> cost to withdraw £400: £200 x £0 + £200 x 2% = £4

Premium account
Cost: £6.99 (monthly) / £6 (annual)
Free withdrawal limit: £400
=> Cost to withdraw £400: £6.99 / £6

=> Cost[premium annual/monthly] > Cost[standard]
=> Sense = 0


#6

Dear @erjlo88 :slight_smile:

You’re forgetting some details, including the faster shipment of the card, the discount on insurance, the 24/7 fast support or the premium card designs. Deciding if that’s worth your money is up to you, although it’s quite clear your decision was made long ago :stuck_out_tongue_winking_eye:


#7

You need to remember that the chief function of Revolut is not to serve as an ATM withdrawal card.

The value proposition of Revolut, and the value proposition of Revolut Premium, extends well beyond cash withdrawal at ATMs.

26 currencies with 26 currency accounts and counting.

Exchange and spending at the spot interbank FX rate (Excl. Illiquid currencies + weekend surcharge.).

The first large retail financial institution that is implementing support for cryptocurrencies.

New product lines–Revolut Credit, Revolut Insurance and the upcoming Revolut Wealth–that lower the cost and increase the accessibility of financial products for consumers.

Expansion plans that are far greater than any other ‘neobank’ in the UK and the EU. N26 with a select few EU countries. Monzo confined to the UK. Starling planning to expand to Ireland and the rest of the EU. Revolut will be entering the US market by EOY 2017, and has plans to expand to East Asia in 2018.

Revolut Premium is modeled after services like Amazon Prime, where in return for paying an annual subscription fee, customers will get access to a large suite of services, the list of which is continually expanding.