INSUBCONTINENT EXCLUSIVE:
Fintech startup Revolut is adding a key feature for users who want to replace their traditional bank account altogether
You can now pay with GBP direct debits
Revolut already added EUR direct debits last year.
While most people use cards to pay for goods and services in the U.K., some businesses
require you to pay with direct debit
It can be a utility bill, a gym membership or a phone contract for instance.
Compared to card transactions, direct debits pull money
directly from your account and transfer it to the recipient account
It doesn&t go through Mastercard or Visa
Some businesses love direct debits because it usually cheaper than card processing fees
Direct debits also don&t have an expiry date, unlike cards.
Customers from the European Economic Area can now share their GBP account
details for direct debits in the U.K
Direct debits are protected against some fraud and payment errors by the U.K
Direct Debit Guarantee.
Revolut has partnered with Modulr for this feature as it uses Modulr API
Business customers will also be able to take advantage of direct debits
You can now pay suppliers with your account details, which could be convenient for large sums of money for instance.
