Revolut launches Buy Now, Pay Later product in Ireland

Digital bank Revolut has started rolling out a buy it now pay later payment product to customers in Ireland starting this week.

evolut’s Pay Later product allows consumers to spread their shopping costs up to €499 over three installments and can be used for both online and in-store purchases.

The new service includes an approved credit limit for customers, a first here in Fast- growing, but controversial Buy now, pay later market . Unlike other providers, the service does not require a partnership between retailers and Revolut, making it more like a traditional credit card.

A fee of 1.65 pieces per purchase will be charged and returned as part of the last two installments.

According to Revolut, there is no penalty for early repayment.

Buy now, pay Subsequent services have expanded dramatically in recent years, with major players in Ireland, including Swedish company Klarna and Humm, owned by Australian company Flexi-Fi, expanding mainly through partnerships with retailers to offer short-term offers. Duration cheap purchase credit.

The attraction to buy now , Paying later is a way to spread the cost of purchases, but downsides include penalties for late payments and potentially bad credit if payments are missed.

T The sector’s rapid growth has raised concerns, particularly in the UK, where authorities have moved to regulate products.

While you buy now, pay later proved extremely popular with consumers, especially for online shopping, Industry analysts are now questioning whether the sector’s rapid expansion will continue as interest rates rise.

Revolut, whose CEO is Nikolay Storonsky, has 18 million customers worldwide – about 10 percent of them in Ireland.