News in Brief

Revolut Customers Want Cash Deposit Capability

Revolut has recently received a UK banking licence. It has 9 million UK customers, 45 million globally. It has now announced that those customers can deposit cash into their accounts. Despite the decline in cash use, Revolut customer research found that 71% of customers had deposited cash at a financial institution in the last year and 34% wanted a feature to be able to do so.

Revolut is partnering with Paysafe, which has more than 12,000 locations in the UK. Revolut customers find a Paysafe store local to them, generate a barcode by using a ‘deposit cash’ tab on the app, and then depositing the cash at the Paysafe retail partner and having the barcode scanned.