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John Wang
in
Finance
November 28 16:35

Revolut is making direct debit available for users in the UK

Revolut announced a new expansion for its service. Now users can pay with direct GBP debits, as well as euro direct debits
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This addition cements the service’s status of full-fledged alternative to the traditional banking system. In UK most vendors accept credit card payments, but some require direct debit - they include utility provides and telephone companies. Direct debit essentialy transfer fund directly from one account to the other. It doesn’t have to go through centralized payment system, and its fees are usually significantly lower.
Most fintech startups do not support direct debit or support it only partially. The Revolut’s new feature makes it an almost universal payment service in Great Britain. Customers in the European Economic Area can also use the GBP-option. Business owners got an additional advantage - they can use it to pay their suppliers or parthers via account details.