The Pay Later service from Revolut is an installment product with deferred payment that uses the granted credit limit and takes into account the customer’s purchasing capacity.
Revolut customers can divide any purchase expenditure into three monthly installments, the first installment is paid in advance at the time of payment, and subsequent installments in the second and third month. A fee of 2.99% for each expense divided into installments is payable on the return of the second and third installments.
After granting access to the Pay Later service, customers can activate it at any time, with one click in the application, before paying for the selected purchases. They can then view the payment and repayment status in the Cards section or in the Pay Later section. Pay Later installments can be repaid earlier, free of charge.
On August 10, the first customers in Poland have been granted access to Pay Later deferred payments. The service will gradually cover over 1.7 million of the company’s adult customers in Poland. During this time, Revolut will prepare the product debut on other markets in Europe, including in Romania, where Pay Later is expected to appear later this year, according to alebank.pl.
People familiar with the matter confirm to NOCASH that the service will be launch in Q4.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
