Revolut releases new bill-splitting functionality
Money transfer and currency exchange app Revolut has launched a unique (and free) new feature which lets customers automatically split the cost of any payment with their phone contacts.
The Split Bill feature has been added to the menu under Send Money and Request Money. The action can simply be completed by selecting Split Bill, followed by selecting the amount that should be split into half. The user then selects Continue before selecting the right contact.
After choosing a contact, the user is presented with a screen showing the bill split amounts. After the user selects Request, the action is completed. The requested bill split will then appear in the user’s transactions list.
The recipient will be notified immediately and can then choose to Send or Reject.
Splitting the bill is free, instant and can be settled in pounds Sterling, Euros or US dollars.
Nik Storonsky, Founder and CEO of Revolut, explains: “The new feature can be use used for anything from splitting the lunch bill to paying the month’s rent. For example, if a group of friends are out for dinner and one person pays, everyone else can send their amount owed to the payer’s Revolut account instantly.”
Another feature added by Revolut recently was the ability to set up spending limits for your card, and change categories for transactions.
According to Revolut, its customers have transacted the equivalent of $79.8m in real-time P2P payments, sending or requesting an average of $212, £91, or €95 per transaction. The five most popular uses for the P2P feature are to pay contacts back for food, for taxis, for pizza, or for beer, or for simply sending gifts. Users can also transfer 23 currencies globally at interbank rates using a shareable payment link. The app is free to download (on iOS and Android) and available in over 42 European countries, used by more than 470,000 European customers who have transacted $1.46bn.
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