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Revolut launches first hardware device for business customers

Jeremy Lim
05 July 2022

British financial technology business Revolut has launched its first card reader, aiming to target sole-traders, retailers and hospitality businesses in the UK & Ireland.

The Revolut Reader is designed to "allow merchants to accept payments anywhere", and will give customers the option to pay via chip and pin, contactless, Apple Pay and Google Pay.

According to Revolut, the pocket-sized device is set to charge retailers transaction fees of 0.8% plus 2p and will process payments faster than the industry standard of two to three business days.

The launch marks Revolut’s move into in-person payments, as the Canary Wharf-based company aims to diversify its offering for business customers. A point of sale solution will be introduced in the coming months that will allow integration with the card reader for larger merchants.

Maria Garcia Marti, Product Owner Acquiring, said: "When designing new products, our team always has customer needs in mind: a fast and easy to use solution that will not slow business down, easy access to funds, and receiving payments faster than the industry standard of 2-3 business days.

"Plus, the security and long battery-life of a small pocket-sized device, capable of streamlining operations without the need to manage multiple accounts and systems. This is exactly what Revolut Reader is offering our business customers: really tap into business growth."

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