Revolut moves into e-commerce with Revolut Shopper
- Revolut Shopper allows users to find online discount deals while offering security with single-use virtual cards.
- Other new features include purchase protection, username personalization, and the ability to track spending.
Challenger bank Revolut recently made a move into online shopping with a new browser extension called Revolut Shopper, which allows users to get discounts by automatically finding and applying discount codes at selected retailer websites.
Users can securely shop online through Revolut’s single-use virtual cards, which self-destruct after every transaction. Multi-use virtual cards are also available, in case users want to set up one card for a particular store or subscription. The extension auto-fills card details every time customers go to check out, making repeat visits more convenient. When shopping with Revolut’s partners, customers also receive up to 42% cashback to their Revolut account, in addition to any promo codes applied by the extension.
“We’re constantly innovating and creating new products and features that customers can use and benefit from in their everyday lives,” said Phuc To, head of retail at Revolut. “Revolut Shopper helps customers get the best deals and shop securely at the same time. We will continue to add new handy tools to help our customers manage their financial lives smoothly.”
The extension is currently only available on Google Chrome, and the company has not shared any plans of releasing it on other web browsers such as Safari, Opera or Firefox.
Revolut has also launched a variety of new features alongside the browser extension. Users can now track their spending from payday to payday through Revolut’s analytics tools. They can also personalize their Revolut username in-app. This allows them to receive payments in their Revolut account by sharing their unique username, without needing to reveal a phone number or bank account number.
Paid customers of the app now also get purchase protection. Revolut offers insurance coverage worth up to £1,000 (around $1415) for Plus, £2,500 for Premium, and £10,000 for Metal customers, if their purchases are accidentally damaged or stolen. Other new insurance benefits include 90-day refunds and ticket cancellation protection on certain purchases.
Revolut Shopper is not the first browser extension on the market to find discount deals for online shoppers. A number of established Google Chrome extensions already offer this service, including Rakuten, InvisibleHand, and Honey, which was acquired by PayPal last year.
What separates Revolut Shopper from its competitors is the access to online deals in combination with its unique customized virtual card feature, according to Nicole Reyhle, founder of Retail Minded, a publication focused on independent retailers and small businesses.
“The virtual card has no spending limit and allows cardholders to avoid paying currency conversion fees when making online purchases,” said Reyhle. “I love that Revolut welcomes global currencies, unlike many of its competitors, and is easy to implement and use. This ease is very valuable, particularly in combination with the cashback features and overall savings Revolut offers.”
While Revolut Shopper may not be a game-changer, it’s still a welcome addition to the rapidly growing e-commerce world, according to Hosea Chang, COO of Hayden Los Angeles, an apparel company for women. “Personally, I'm excited about Revolut Shopper, and intrigued by its security features,” said Chang. “Anything that can make our customers feel more secure about making online purchases helps us clear a hurdle.”
The extension also provides an added layer of protection for sellers. “We take all the precautions we can to avoid a data breach, but extensions like this do a great deal to help us feel more secure, too,” said Chang.
“I don't think I'd call it revolutionary, but anything that takes existing functionality, streamlines it, and makes it more efficient and convenient for shoppers is a win for e-commerce professionals.”