Revolut, a London-based tech company and neobank that offers services worldwide, has recently developed a Revolut Tap to Pay app that lets users process contactless payments on iPhone devices.
Let’s delve into Revolut’s Tap to Pay feature and explain how it simplifies payments and makes transactions quicker and more secure with just a simple tap.
Sections
What Is Revolut?
Revolut is a tech company that provides various digital financial services worldwide. To use the company’s services, you need to download a smartphone app where you can manage and keep track of your budget, transactions, payments, and finances.
Here’s what Revolut offers:
- Digital banking: Revolut offers both personal and business accounts budgeting, money transferring and processing payments, daily, weekly and monthly analytics, etc. Users can access their bank accounts via Revolut’s mobile app or sign in to their personal accounts via the company’s platform.
- Currency and cryptocurrency exchange: The company provides multiple currency exchange services with competitive rates. Users can also hold, buy, or exchange cryptocurrencies straight from Revolut’s app.
- International money transfer: Revolut users can send money internationally to more than 150 locations worldwide at low fees. The company usually uses the real exchange rate.
- Debit physical and digital cards: Subscribers will receive physical and digital debit cards that can be used worldwide. The number of cards that each user receives depends on the subscription plan.
- Travel insurance: Revolut offers travel insurance policies for overseas travellers. They also offer insurance coverage for mobile phones since most of their services are generally used via mobile.
- Savings: Through the app, users can open a savings account and manage their finances.
- Revolut account for minors: Parents or guardians can open a Revolut account for children under the age of 18. The applicant must be compliant with the company’s terms and guidelines. Once the account is set up, the authorised parent/guardian will have access to it and can manage their finances via the Revolut app at any time.
Business or private users must create an online Revolut account to use the web-based platform or download the mobile app on an iPhone device. Once their account is set up, they can process or transfer payments and manage their finances.
Revolut Pros
- Revolut’s exchange fees and rates are transparent, and there are no hidden costs or fees.
- Revolut’s mobile app is supported in more than 150 countries and recognises 36 international currencies.
- Businesses don’t need to use a point-of-sale (POS) software solution to use the Tap to Pay feature. All they need is a Revolut Business or Pro account and an iPhone to set up the mobile app.
- Revolut doesn’t charge commissions or rates when you process international payments from various currencies.
- If you lose your card or if it gets stolen, there’s an option to block your Revolut card from the mobile app
- Money processing between any type of Revolut account holder takes only seconds.
- Revolut’s mobile app is available in English and Portuguese.
Revolut Cons
- Money transfers from a bank to a Revolut account are processed within one to three working days.
- Although Revolut does not charge extra fees, some banks sometimes apply associated rates and costs to their customers.
- International payments are processed in 48 to 72 hours during working days.
- Revolut has specific withdrawal limits and a 2% fee per withdrawal via an ATM.
- Customers can pay via Samsung or Google Pay, but businesses can only use the Tap to Pay feature on selected iPhone devices.
- Although the company provides services worldwide, they offer customer support only in English.
What is Tap to Pay?
In 2023, Revolut introduced the Tap to Pay feature created by Apple. This novel digital payment method is included in the company’s mobile app used by Revolut Business or Pro users. Both hospitality and retail brick-and-mortar businesses based in the UK can benefit from this contactless payment method.
With the Tap to Pay payment option, customers can effortlessly pay using their debit or credit cards or digital wallets, while merchants benefit from quick, phone-based payment processing.
Payment Processing With Tap To Pay
The payments are credited and processed to the user’s Merchant Pro or Business Account. Apple doesn’t have any connection with payment processing; all payments, refunds, and returns created via Tap to Pay are processed by Revolut. But given that Apple owns the Tap to Pay contactless payment feature, it makes the final decision on whether your business is eligible to use it.
Only applicants who are compliant with Apple and Revolut’s terms and conditions will be considered eligible users of Tap to Pay.
The payment feature can only be used by Revolut Pro or Business subscribers who have already passed the onboarding process successfully and have signed an agreement with Revolut. Once they open an account and accept the terms and conditions of Revolut, they’ll go through a selection process by Apple.
Tap to Pay Card Payments
Revolut Business and Pro users can accept payments made with the following card types:
- Mastercard and Visa debit and credit cards that support the contactless payment method.
- Mastercard and Visa payments made via the following digital wallets: Samsung, Apple, and Google Pay. Customers can pay with an Android or iOS smartphone device.
Once the payment is received by Revolut, merchants can generate digital receipts and send them to their customer’s mobile devices. The payment will be processed and available on the merchant’s business account in the next 24 to 72 hours. The processing time depends on the bank that issued the customer’s debit or credit card.
Revolut Mobile Apps that Support Tap to Pay
Customers with Revolut Pro or Business accounts can use Apple’s Tap to Pay payment feature on their iPhones either through the Revolut app or the Revolut Business app.
The mobile apps can be downloaded from Apple’s App Store onto an iPhone XS or a newer model with the most recent iOS.
Once the app is installed, users can quickly and easily sign up for a Revolut Pro or Business account from the app itself. Since the onboarding and signing up process is pretty simple, it allows them to start processing contactless payments instantly.
Merchant Requirements To Use Tap to Pay
Revolut has set up specific requirements and obligations that merchants need to comply with to be eligible to use the Tap to Pay feature.
- Users have to agree to use the payment feature only for commercial payments. Using Tap to Pay for private, household, or family-related purposes is not allowed.
- Tap to Pay users will be held accountable for any sort of illegal behaviour by the individuals with authorisation to process payments with the Tap to Pay method.
- Authorised individuals have to be compliant and accept Revolut’s requirements and terms of use.
- The Tap to Pay feature can only be used in the UK.
- Businesses must not decline to use a specific card owned and presented to the merchant by a customer if the card can be used to process payments with Tap to Pay.
- Applying additional charges to the regular amount that a customer needs to pay is not allowed.
- Tap to Pay users have to accept Apple’s terms and conditions to use the payment feature.
Customer Data Security
Revolut has access to Tap to Pay users’ customer data and is obliged to share specific information if it is required by Apple.
Tap to Pay users who have a Business or Pro Revolut profile will have their data processed in line with Revolut’s Privacy Notice. Customers’ data will also be securely processed and in line with Revolut’s terms and conditions on payments.
How To Set Up and Use Revolut’s Tap to Pay Feature
Using Revolut’s Tap to Pay feature is straightforward, as the app’s interface is very user-friendly and intuitive.
The feature can be used on the following iPhone types:
- XS
- SE (second or third generation)
- iPhones that support iOS 16.4 or newer software updates of Apple’s operating system
Here are the four steps you’ll need to take to set up the Tap to Pay feature on your iPhone device:
- Open Revolut’s Merchant page or the smart app
- Click on “Tap to Pay” and choose it as the method of payment
- Log in to your Apple ID
- Accept Revolut’s terms and conditions
Since the option is available only to Revolut Business and Pro account subscribers, let’s find out how to use the app by accessing both account types.
Tap to Pay Feature for Pro Subscribers
- Click on Revolut’s mobile app, then go to the “Hub” section.
- Click on the “Pro” button.
- Click the option “New Sale”, and once you’re redirected to a new page, click “Tap to Pay”.
- Read the in-depth instructions on how to process the payment.
- The payment method is set up, and customers can proceed to pay.
Tap to Pay Feature for Business Subscribers
- Open the app, then open the tab called “Merchant.”
- Click on the “Request” button.
- Click “Tap to Pay”.
- Read the in-depth instructions on how to process the payment.
- The payment method is set up, and customers can proceed to pay.
Prices and Costs
The Tap to Pay feature is available for Revolut’s Business and Pro account holders. Pro account users can access their accounts through the mobile app if they already have a Personal account. Conversely, the business account can only be accessed through the Business mobile app or web-based platform, or as Revolut refers to it – Dashboard.
The Pro account functions similarly to your current Personal account. The specifics regarding your account, the operation of Revolut’s services, and the rights and responsibilities of both parties are stated in the company’s Personal Terms. These terms are applicable to all types of accounts and subscriptions.
Here’s a list of all the monthly and yearly subscription fees for both of Revolut’s account types that support the Tap to Pay feature:
Business Account Subscription Fees
- Scale: £100 monthly, or £948 annually. Users will also get one plastic, two metal, and 200 virtual Revolut cards.
- Grow: £25 monthly or £228 annually. Users will also receive one plastic, one metal, and 200 virtual Revolut cards.
- Basic: Free of charge. Users will receive one plastic and up to 200 virtual Revolut cards.
- Enterprise: This plan has a personalised monthly and yearly subscription fee. Interested businesses have to apply to get a customised quote from Revolut.
Pro Account Subscription Fees
Pro Account must already have a Revolut Personal account to subscribe to one of the following subscription plans:
- Metal: £14.99 monthly or £140 annually.
- Premium: £7.99 monthly or £80 annually.
- Plus: £3.99 monthly or £40 annually.
- Standard: Free of charge.
- Ultra: £55 monthly or £540 annually.
- Joint Account: The joint account subscription plan is free of charge and can be used by users who already have a Standard monthly or yearly subscription.
Transaction Fees
The transaction rates and fees for the Tap to Pay feature are cost-effective for any type of debit or credit card. The fixed fee is 1.7% per transaction, without any additional hidden costs or expenses.
Company Summary
Launched in 2015 by Vlad Yatsenko and Nik Storonsky, Revolut is a London-based tech company and neobank with more than 35 million private and 500.000 business users. Initially, the company offered crypto trading services but has grown to be one of the most extensive and successful finance and tech companies based in the United Kingdom. Nowadays, the company has offices in 25 locations worldwide and more than 6000 employees.
Today, Revolut is known for its mobile app, specifically designed for finance and payment services. The company’s finance app provides all kinds of financial and payment services and can be used in more than 150 countries. The app supports 36 international currencies.
In 2023, the mobile app by Revolut became the most downloaded and used app of its kind in various countries worldwide. Additionally, in July last year, the company introduced their latest contactless payment method, Tap to Pay. This feature was designed by Apple, and it can be used by UK-based iPhone users subscribed to Revolut’s Business or Pro plans.
Revolut offers 24/7 customer support. You can contact the company’s customer team via the app and chat with them in real time. Additionally, you can send an email to the customer support team: support@revolut.com
In case when your Revolut’s card is inaccessible and blocked, call +442033228352 and follow the instructions.
Revolut’s main offices are located at 7 Westferry Circus, Canary Wharf, London, England, E14 4HD.
Revolut Reviews
Revolut has received many reviews on Trustpilot – 146,835 and counting. At the moment, the company’s average score is 4.2 out of 5.0 stars. Most of the reviewers praised the company’s straightforward mobile app and shared their positive experience with customer support.
The Revolut app has over 2.6 million reviews on Google Play, and a median score of 4.5 out of 5.0 stars. Most reviewers left positive comments and some mentioned that the app is easy to navigate.
The mobile app also has over 40.000 reviews on Apple’s App Store with 4.7 out of 5.0 stars, and 2368 reviews on Glassdoor, with an average score of 3.9 out of 5.0 stars.