Revolut has launched a unique new feature which lets customers automatically split the cost of any payment with their phone contacts.
It’s free, instant and eliminates the awkwardness of asking someone to pay you back.
Revolut users can make a payment with their contactless RevolutCard, tap the split bill button in the app and select their phone contacts to split the cost with. Users can edit the individual amounts owed or just hit ‘Request’ to split the bill evenly. The phone contacts then receive a notification with a request for the owed sum of money, which they can accept in a single tap. Once accepted, the money hits the requester’s account instantly.
Splitting the bill is free, instant and can be settled in GBP, EUR or USD. The Revolut app is free to download and available in over 42 European countries - eradicating the cost and hassle of cross-border transfers.
The new feature simplifies everyday life. Nik Storonsky, Founder and CEO of Revolut, explains: “The new feature can be use used for anything from splitting the lunch bill to paying the month’s rent. For example, if a group of friends are out for dinner and one person pays, everyone else can send their amount owed to the payer’s Revolut account instantly.”
The feature bypasses the hassle of splitting a bill on multiple cards and removes the awkwardness of asking friends to pay you back. “If a friend forgets to accept the payment request, Revolut users can simply send a reminder from the app. Gone are the days of playing debt collector after every social event.” Continued Nik.
The new feature is an extension of Revolut’s current person-to-person (P2P) payment products. Revolut customers have transacted the equivalent of $79.8m in real-time P2P payments, sending or requesting an average of $212, £91, or €95 per transaction. The top five use-cases for the P2P feature are paying each other back for food, taxis, pizza, beer or sending gifts. Users can also transfer 23 currencies globally at interbank rates using a sharable payment link