UK challenger bank Revolut has released a new in-app feature called Donations, which allows customers to round up their card payments and donate the difference to charity.
What is it: Using a round up feature, five million Revolut users can donate spare change to charity. There's also the ability to make one time and recurring payments. Revolut doesn't require a minimum donation amount and the feature can be turned on and off by customers at any time.
Which charities are included: For now, Revolut users can donate to three international charities: LGBTI charity ILGA-Europe, Save the Children and WWF. The company plans to roll out more charity options later this year. The company claims it charges no fees and charities will receive 100 percent of donations.
“Supporting social causes is both important to us as a business, and to many of our customers," said Nik Storonsky, founder and CEO of Revolut. "Complicated sign up processes and scary commitments can put a lot of people off, so we wanted to build a feature that would enable our customers to support good causes in a seamless and secure way.”
Fintechs combine payments and charity: Popular financial apps are finding ways to make it easier for their users to donate. Robo-adviser Betterment enables charitable giving for its account holders to donate stock. PayPal users can donate to charity without paying any transaction fees. in/PACT offers an integrated giving solutions for digital banking and loyalty providers, enabling people to support their favorite charities.