Revolut Partners, Paysafe Launch Cash Deposits in UK

Revolut’s service, which will be provided in partnership with Paysafe, is launching in over 12,000 locations in the UK, and will roll out to other markets in EEA progressively.

Revolut, the fintech company with over nine million UK customers, has joined forces with payments platform Paysafe, to launch cash deposits for all UK customers, just one day after securing a banking licence from the PRA.

By introducing cash deposits, Revolut ensures that its customers can deposit their money into their Revolut accounts seamlessly for the first time.

While Revolut is primarily used for digital payment purposes, it found that 71% of its customers had deposited cash with another bank or financial institution within the last year, while 34% wanted to be able to deposit cash monthly.

The service, which will be provided in partnership with global payments platform Paysafe, is launching in over 12,000 locations in the UK, and will roll out to other markets in EEA progressively.

Gabor Hava, Head of Core Payments, Global Business at Revolut, said, “With such a high demand for cash deposits among our customers, Revolut is pleased to bridge another product request of our customers and help those with cash to get access to modern digital financial services.

“Our cash deposit solution meets clients’ real needs: by partnering with an industry expert like Paysafe, we are now able to offer a fast, simple to use, and compliant service that will allow thousands of people to deposit cash into Revolut from different locations and exchange currencies in-app to make transfers to family and friends in other countries. This launch will provide a greater level of confidence for all those who have not considered digital financial services yet.”

Providing access to cash infrastructure

To deposit cash into a Revolut account, customers need to open their Revolut app, click ‘Add money’ on their home screen and select ‘Deposit cash’ as an option. After inserting the amount they want to add, the app will generate a barcode valid for thirty minutes, which customers can scan at any Revolut retail partner.

Customers can find these partners in the Revolut app’s store locator. Once paid in, Revolut says customers will receive the funds in their accounts within ten minutes.

Bob Legters, SVP Product at Paysafe, also commented, “With Paysafe’s unparalleled expertise in digitising cash as a form of payment for online services, we are proud to offer Revolut’s customers a convenient, safe, and seamless method to access the cash infrastructure in the UK. This collaboration exemplifies our commitment to revolutionising cash-based payment solutions and continuously providing customers with numerous payment choices.”

Cash deposits begin at a minimum of £10 and a maximum of £500 per transaction, with a daily cap of £750. Customers can deposit cash up to a total of £2,250 a month, with a yearly limit of £10,000. Customers using this service for the first time can deposit up to £100 free; with a 1.5% fee applicable to all customers in the UK.