Revolut’s new instant messaging service means users can now talk with each other without leaving the app. How will it work?
Revolut has launched Chat, an instant messaging service, which allows users to chat with other users while sending funds. It is the first banking app to launch a messaging service in the European Economic Area (EEA).
The function, located in the transfer section of the app, features end-to-end encryption and aims to provide users with a one-stop-shop for their banking and personal finance needs.
It is also a sign that Revolut is aiming to add yet more to its offering, after the additions of personal loans, pay-later options and instant cashback with top brands in recent months.
While it seems like there are countless options for messaging out there, Revolut’s new addition is an attempt to cut out the middleman when it comes to talking about money.
Located in the transfer section, the messaging service builds on the previous ways users could contact each other, namely through gifs or small messages sent when transferring cash.
The service isn’t compulsory - you can opt-out in the security and privacy section of the app if you wish to.
Chat functions as a typical messaging service, with notifications sent to the recipient's device upon sending a message, and you can block certain users as well.
It's a genuine first for the industry. No other major banking or payments app in the EEA allows users to chat directly to one another.
Revolut’s CEO Nikolay Storonsky said in a statement:
“We’re delighted to bring instant messaging to our customers, moving us one step closer to being a global financial superapp. We listened to our customers who said they wanted to be able to discuss and clarify payment details within the app, rather than having to swap between Revolut and different messaging apps to send or receive funds.
The new chat feature supports our customers with their fast, low-cost money transfers using Revolut. We want to give our customers more control over their financial well-being through the use of our technology, offering a service that addresses all their financial needs in one place”
The new service will be rolled out with the new update of the app.
Moving in on the competition
With its focus on end-to-end encryption, Revolut’s move into instant messaging is most likely an attempt to emulate Whatsapp, which has offered encrypted messaging on all devices since 2016. However, Revolut’s new feature is only available to customers in the UK or the EEA for now.
The fintech has moved in on other competitors with several new innovations in recent months. Its ‘pay later’ function, which can split payments up over three months for a low fee, is an attempt to dampen the success of ‘buy now, pay later’ firms such as Klarna.
It has also introduced features such as ‘Stays’, which works similarly to booking apps like Booking.com or Expedia, which allows you to book trips and accommodation through the app and receive cashback, while its ‘rewards’ option encourages customers to shop through its app for discounts and exclusive offers.
More than an app
Ever since being licensed as a bank in Ireland, Revolut has been keen to offer more to customers, both in the personal and banking side of its business.
The fintech now offers loans from €2,000 to €30,000, with an eye-watering APR from just 5.99%, and with a near-instant approval.
Customer deposits of up to €100,000 are also fully protected. As it is certified by the European Central Bank, customers can use Revolut just like any other bank account, and can get paid into it.
Compare banking options on Bonkers.ie
If you are tempted by using Revolut as your main bank account, be sure to check out our article on the ins-and-outs of switching over.
But, if you’re looking for a more traditional banking experience, you can compare current account options with our current account comparison tool.
Get in touch
Will you be messaging your friends on Revolut? Or sticking to Whatsapp when asking for that taxi money back?
Let us know in the comments below.