Revolut claims that Pay Later is the first BNPL product in Ireland to use an approved credit limit, designed to focus on affordability.
After checking customer affordability by linking to existing bank accounts through open banking, Revolut further assesses customer suitability with an underwriting process that gives customers their own bespoke limit.
Qualified customers can use Pay Later for purchases up to a maximum of €499, with any of their Revolut cards. Customers can also activate Pay Later on-the-go with one tap of the Revolut app, and view their balance and transaction history.
Data from the trial rollout shows that customers are using the service at a variety of retailers, with some of the most popular being clothing, sports, and electronics stores.
Joe Heneghan, CEO Revolut Europe, comments: “From assisting budgeting, to managing cash flow, we’ve had great feedback and stories from our customers who have used Pay Later as part of the early rollout, and we look forward to hearing more.”
Revolut is committed to rolling out the product across its European base, with Poland and Romania next in line.
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