The Revolut app recently added a new feature that will allow users to make payments with a GBP direct debit card, the platform also added support for EUR direct debit cards last year. The new capabilities will allow people in the UK to pay for goods and services using a direct debit card. Some businesses require a direct debit card for purchases, and the new feature expands the number of places the Revolut app can be used.
Additionally, the new feature will be good for people who want to use the Revolut platform but are not ready to completely move away from their conventional bank account.
In order to launch the new feature, Revolut partnered with Modulr. The partnership allowed Revolut to access Modulr's API system, which enabled support for GBP direct debit cards.
Fintech Debit Card Support
The Revolut App Now Supports Direct Debit Cards for Users in the UK
Trend Themes
1. Direct-debit Payment - The integration of Direct-debit payment support to Fintech apps will provide more flexibility for users to cover their bills.
2. Fintech-bank Partnership - The Modulr-Revolut partnership on direct-debit card integration is an avenue for Fintech and traditional banks to collaborate and provide value to their customers.
3. Hybrid Banking - The direct-debit card feature of Revolut's platform enables users to enjoy the advantages of conventional banking while simultaneously using innovative Fintech-based solutions.
Industry Implications
1. Fintech - Fintech companies should leverage partnerships with traditional financial institutions to expand their services and enhance user experience.
2. Banking - Traditional banks can adapt to changing demands by collaborating with Fintechs in offering innovative ways of payment and other financial transactions.
3. Retail - The increasing popularity of Fintech apps that support direct-debit payment presents an opportunity for retail businesses to tap into a wider range of customers and offer more payment options.