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Xavier Vilaltella
Madrid
Friday, 31 January 2025, 14:17
The neobank Revolut has launched a new option for its credit customers, who will now be able to pay in instalments for purchases over 50 euros, with lower interest rates than those offered by 'revolving' cards. The new feature will be available in Spain, Ireland and Poland, with the intention of extending it to other countries, according to the bank's source.
Once again, Spain becomes Revolut's testing ground - a bank, which, in an increasingly competitive market, is challenging traditional banking. Revolut already has more than 50 million customers worldwide and 4 million of them are in Spain. To highlight these numbers, 2024 closed with a 60% growth on the Spanish market. Back in November 2024, the bank announced that Spain would be the pilot market for the launch of its ATMs, which have been planned for this year. The new project is to test these mini-credit plans for specific purchases. If it goes well, Revolut will apply it in other markets.
The new functionality differs from the 'revolving' model and is not a 'buy now and pay later', which is the kind usually found on the market. 'Revolving', as Revolut offers it, is a payment method that allows the customer to decide whether to pay in instalments at the end of the month or not, generating higher interest rates. The 'buy before and pay later' method, on the other hand, is nothing more than the credit option offered by many establishments. The customer makes his or her purchases and then decides whether to pay for them on the spot.
Well, with this new feature, customers can decide - before the monthly billing of their card closes - whether to pay for one or more of the products they have purchased in instalments, without having to decide if they would like to finance the whole package. It will be available for purchases over 50 euros, with interest rates of around 14.93% APR , lower than those of revolving cards (21.94% APR in the case of Revolut).
As mentioned above, with this step the company is securing a foothold in a priority market that has already proven to be very receptive to digital banking offers. In 2024, the bank surpassed four million Spanish customers, thanks to launches such as interest-bearing accounts (with variable remuneration between 2.06% APR and 3.56% APR depending on the customer's plan), investment products or the incorporation of Bizum, which exceeded 100,000 customers in its first month of operation alone. The cherry on top of this expansion will be the installation of Revolut's own ATMs, starting mid-2025 - a move that seems unnatural for an online bank, but with which it will surely improve its visibility and strengthen its image.
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