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Revolut has announced the introduction of cash deposits for its UK user base.
This new feature allows customers to directly deposit cash into their Revolut accounts at over 5,000 locations across the United Kingdom, with plans to expand to more than 12,000 locations in the coming months.
The launch comes in response to customer demand, as a survey revealed that 71% of Revolut’s UK customers had deposited cash with other financial institutions in the past year.
The service is being implemented in partnership with Paysafe and is designed to be straightforward.
To use the feature, customers can generate a time-sensitive barcode through the Revolut app, which can then be scanned at participating retail locations.
Deposits start at a minimum of £10 ($12.87), with a maximum of £500 per transaction and daily and monthly limits in place. The first £100 deposited is free, after which a 1.5% fee applies.
Commenting on the update, Gabor Hava, Head of Core Payments, Global Business at Revolut, stated: “With such a high demand for cash deposits among our customers, Revolut is pleased to bridge another product request of our customers and help those with cash to get access to modern digital financial services.
“Our cash deposit solution meets clients’ real needs: by partnering with an industry expert like Paysafe, we are now able to offer a fast, simple to use and compliant service that will allow thousands of people to deposit cash into Revolut from different locations and exchange currencies in-app to make transfers to family and friends in other countries.”
The company plans to roll out the cash deposit feature to other markets in the European Economic Area progressively.
