Revolut, a digital banking startup, allegedly added a new crypto spending feature to its website, allowing customers to make transactions and pay with their cryptocurrency balances using their Revolut cards. To encourage the use of their new tool, Revolut customers will be able to receive 1% cashback on all cryptocurrency balances spent.

Revolut Cashback Service

Customers who use any of the nearly 100 supported tokens, including Dogecoin, Bitcoin, and Ethereum, can earn 1% cashback in cryptocurrency through Revolut’s Pay with Crypto feature. When a payment is made by a cardholder, the system immediately converts the cryptocurrency into other fiat currencies and deducts all charges and commissions. The cashback is given in the same currency that the original payment was made in.

Customers, for example, will receive cashback in bitcoin if the initial transaction is made in bitcoin. Furthermore, by activating the new feature on any activated card, customers can switch between the currencies from which they spend, including virtual currencies. According to the company, the service will be available for a limited time beginning November 1.

Currently, the platform’s over 20 million individual users can trade over 30 different digital currencies in-app. Revolut cardholders can sell their crypto assets faster and have the funds transferred to their accounts in real-time. As a result, with the new “spend from crypto” option, users can use these digital assets to make digital and retail purchases.

To accompany the launch, Revolut has created a series of “Learn & Earn” courses designed to help users gain a better understanding of cryptocurrencies and related subjects such as blockchains, popular tokens, and protocols.

FCA Approve Revolut

The news comes after Revolut received permanent approval from the Financial Conduct Authority (FCA) to operate its cryptocurrency business in the United Kingdom. The corporation waited months for this decision, and it finally received the license at the end of September 2022. Revolut will be able to continue operating its UK-based digital asset business, including cryptocurrency trading and custody, as long as it registers with the FCA, which became mandatory in April.

The FCA assessment looks into measures to prevent money laundering and terrorism financing. According to the FCA, the company accepted several recommendations aimed at ensuring that it has the systems and controls necessary to comply with money laundering legislation.

Revolut Recent Developments

In October 2022, Revolut launched a payback vacation home service called “Homes” in its travel services. Depending on their Revolut package, customers may receive up to 4% cash back through Homes as part of Revolut Stays. In the same month, Revolut launched a brand-new service called “Shops,” which allows Irish customers to buy goods from over 1,000 companies while also earning rewards.

Revolut has begun rolling out a Buy Now, Pay Later (BNPL) payment solution to Irish consumers in June 2022. These recent developments may pave the way for the digital banking app to evolve into a European super app.

According to Sifted.eu, most investors believe that Revolut is the closest thing Europe has to a super app so far. The fintech, which has released over 50 products such as debit cards, travel insurance, business banking, and cryptocurrency trading solutions, openly calls itself a super financial app.