Revolut, the global fintech company with over 9 million customers in the UK and 45 million worldwide, today announced the launch of cash deposits for all customers in the UK. This follows the recent news that the company has been granted a UK banking license.
With Cash Deposits, Revolut is ensuring its customers can seamlessly deposit cash into their Revolut accounts for the first time.
Although Revolut is primarily used to facilitate digital payments, the company found in a customer survey that 71% had deposited cash into a bank or other financial institution in the last year and 34% wanted such a feature to be able to deposit cash on a monthly basis.
The service, delivered in partnership with leading global payments platform Paysafe, will be rolled out to over 12,000 locations across the UK and will be gradually expanded to other markets in the EEA.
Depositing cash into a Revolut account is easy and secure. Customers will need to open their Revolut app, click “Add Money” on their home screen and select “Deposit Cash” as an option. Customers must then agree to Paysafe’s terms and conditions. After the customer enters the amount they want to add, the app generates a time-sensitive barcode that is valid for 30 minutes. This barcode can be scanned at any trading partner. Retail partners can be easily found using the store locator in the Revolut app. After scanning by the cashier and paying in cash, the customer receives the amount in their account within ten minutes.
Gabor Hava, Head of Core Payments, Global Business at Revolut:
“With our customers’ high demand for cash deposits, Revolut is excited to bridge another product need from our customers and help those with cash gain access to modern digital financial services.” Our cash deposit solution meets our customers’ real needs: By partnering with With an industry expert like Paysafe, we are now able to offer a fast, easy-to-use and compliant service, enabling thousands of people to deposit cash into Revolut from various locations, exchange currencies in the app, make transfers to family and friends in other countries. This launch will provide a greater level of confidence for anyone who has not yet considered digital financial services.”
Bob Legters, SVP Product at Paysafe:
“We are pleased to announce our partnership with Revolut to introduce their customers to the new cash deposit feature with Paysafecash. With Paysafe’s unparalleled expertise in digitizing cash as a means of payment for online services, we are proud to offer Revolut customers a convenient, secure and seamless way to access the UK’s cash infrastructure. This collaboration is an example of our commitment to revolutionize cash-based payment solutions and continually provide customers with numerous payment options.”
Cash deposits start at a minimum of £10 and a maximum of £500 per transaction, with a daily cap of £750. Customers can deposit up to £2,250 in total cash per month, while the annual limit is £10,000. Customers using this service for the first time can deposit up to £100 for free. Thereafter, all deposits will be subject to a 1.5% fee, applicable to UK customers.
How to use Cash Deposit in the Revolut app:
Customers must access the service by tapping “Add Money” on their home screen.
The customer must change his chosen method to cash deposit;
To access the service, customers must accept the Paysafe T&Cs and open/allow geolocation clearance to be redirected to the nearest partner store.
Click on “Cash Deposit” and enter the desired amount;
By tapping “Next” a barcode will be automatically generated. It is valid for 30 minutes and can be renewed at any time using the “Renew” button below.
The customer presents the barcode for scanning at the checkout of one of the participating branches and pays the selected amount;
The money will be credited to the account within ten minutes. The fee will be deducted from the deposited amount.
