Revolut launches Google Pay within the Netherlands and 9 different European international locations; brings Open Banking to Germany | Aici

One of many world’s main monetary apps Revolut primarily based in London has launched Google Pay for its prospects in lots of European international locations – Austria, Bulgaria, Estonia, Greece, Hungary, Latvia, Lithuania, Netherlands, Portugal and Romania. On this means, Revolut claims to be among the many first monetary providers corporations to supply Google Pay as a service inside its app.

Why Google Pay?

Google Pay – a digital pockets platform and on-line cost system developed by Google, allows Android customers to pay on-line, in-store, in-app and extra in a fast and straightforward means. In accordance with Revolut, in the course of the COVID-19 disaster, Google Pay was utilized by folks everywhere in the world. That is why Revolut has labored carefully with Google Pay to supply a contactless cost expertise in additional than 10 extra markets, the corporate mentioned.

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How does this work?

Revolut permits its prospects with Android telephones to arrange Google Pay throughout the ‘Playing cards’ part of its app Customers can add their Revolut Visa or Mastercard card to their cellphone’s digital pockets and pay immediately, even earlier than the bodily card it arrived. Since Google Pay doesn’t share prospects’ actual card numbers with retailers in shops or on-line, their data stays safe, Revolut mentioned.

Open a banking service in Germany

Revolut additionally launched open banking to its customers in Germany. This characteristic permits German customers to hyperlink their Comdirect, Commerzbank, Deutsche Financial institution, ING-DiBa and Sparkasse accounts with the Revolut app. This fashion, they may be capable to view all their monetary data via their smartphones in a single place.

Revolut has joined palms with London-based TrueLayer to develop its open banking service. The TrueLayer platform ensures that account data from main German banks is built-in and up to date in real-time securely within the Revolut app. Notably, open banking for Revolut customers is free.

Security measures

In accordance with the corporate, Revolut Ltd. is allowed by the UK Monetary Companies Authority (FCA) as an digital cash establishment and is due to this fact licensed to supply account data and cost initiation providers within the UK and different international locations, together with Germany.

With the Revolut app, German prospects may give their consent to Open Banking. Revolut says it is going to proceed to supply these providers to German prospects after Brexit from corporations with European licenses in its group.

Revolut says the accounts are related via one thing known as APIs (Software Program Interface). “PSD2 API necessities had been specifically developed to keep away from safety dangers and information leaks: Entry to different accounts is allowed by trusted web sites of the respective banks and Revolut can not see passwords or private information at any time. As well as, the info is encrypted, whereas the account hyperlinks have to be reauthorized each 90 days and might be suspended and eliminated at any time,” the corporate mentioned.

As soon as prospects have given their consent to Revolut, it could possibly request their account data from different monetary establishments and show it within the Revolut app.

Revolut also can request its prospects’ account data from different monetary establishments and show it in its app, as soon as prospects have given their consent to the fintech startup.

Foremost picture credit: Revolut

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