Innovation is the key. That is the only way to keep up the pace with changing times, be it today, tomorrow or present. Everyone can bring innovation around us. Everyone who is a part of organisation can fetch positive contribution. Everyone who is a part of our society implicitly or explicitly, is a contributor of change and innovation.
One of the leading global financial super apps Revolut based out of London has launched Google Pay for its customers across a slew of European countries – Austria, Bulgaria, Estonia, Greece, Hungary, Latvia, Lithuania, Netherlands, Portugal and Romania. This way, Revolut claims to be among the first financial services companies to provide Google Pay as a service within its app.
Why Google Pay?
Google Pay – the digital wallet platform and online payment system developed by Google, enables Android users to make payments online, in-store, in-app and more in a faster and simpler way. According to Revolut, during the COVID-19 pandemic, Google Pay was used by people all over the world. This is why Revolut has worked closely with Google Pay to provide contactless payment experience in over 10 additional markets, claims the company.
How does it work?
Revolut allows its customers with Android phones to set up Google Pay within the ‘Cards’ section of its app Users can add their Revolut Visa or Mastercard card into their phones’ digital wallet and make payments instantly, even before the physical card arrives. Since Google Pay doesn’t share customers’ actual card number with vendors in shops or online, so their information stays secure, claims Revolut.
Open banking service in Germany
Revolut has also launched open banking to its users in Germany. This feature lets German users connect their accounts at Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse with the Revolut app. This way, they will be able to view all their financial details via their smartphones in just one place.
Revolut has joined hands with London-based TrueLayer to develop its open banking service. TrueLayer platform ensures that the account information from leading German banks is integrated and updated in real-time securely in the Revolut app. Notably, open banking for Revolut users is free of cost.
According to the company, Revolut Ltd. is authorised by the UK Financial Services Authority (FCA) as an electronic money institution and as such is licensed to provide account information and payment initiation services in the UK and other countries, including Germany.
Via the Revolut App, German customers can give their consent to Open Banking. Revolut states that it will continue providing these services to German customers post-Brexit from European-licensed companies in its group.
Revolut claims that the accounts are linked via the so-called APIs (Application Program Interface). “The PSD2 API requirements were specially developed to avoid security risks and data leaks: Access to other accounts is authorised via the trusted websites of the respective banks and Revolut cannot see passwords or personal data at any time. Furthermore, data is encrypted, while account links must be re-authorised every 90 days and can be paused and released at any time,” says the company.
Once customers have given their consent to Revolut, it can request their account information from other financial institutions and display it in the Revolut app.
Revolut can also request its customers’ account information from other financial institutions and display it in its app, once the customers have given their consent to the fintech startup.
Main image picture credits: Revolut
One of the fascinating aspects of this global pandemic, if I had to find a silver lining, is how everyone is putting their minds together to beat the virus. Companies with totally unrelated technologies are now re-purposing their products to cope with COVID-19. That is the case with a company called Juganu.
Read more here.
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