Revolut, a neo-bank currently serving over 16 million customers, has added a new travel feature, “Stays,” that it expects to provide £70 million to its customers in a 10% cashback scheme for UK and European customers.
As the world attempt to turn the corner on the COVID-19 health crisis, there is significant pent-up demand to travel and get out of the house. Revolut states that 84% of French and 72% of Brits and Spanish people are interested in a vacation. To capitalize on this interest, Revolut is adding this lifestyle feature that may encourage more utilization as well as downloads of the “super-app.”
Revolut reports that its users have almost doubled their savings over the course of the pandemic. In 2019 – pre-COVID, the average Revolut user spent approximately £690 on accommodation, £149 on flights, and on average, spent £950 abroad, using a Revolut card and its travel features.
The Stays travel feature allows users to book their accommodation on the Revolut app and is said to be the first its kind by a Fintech platform and will award users with up to 10% instant cashback on bookings.
Marsel Nikaj, Head of Savings and Lifestyle at Revolut, commented on the new feature:
“As the world begins to cautiously open up, we know everyone is desperate to get away whenever they can – whether it’s to Margate or Mallorca. We’ve built Stays to make it easy for people to find and book their perfect break in their ideal destination. After 18 months of endless restrictions and lockdowns, we want to give people more and make their money travel further. Revolut is becoming the go-to app for travel, giving you more.”
Stays is available to Revolut customers in the UK from 21 July, with the global super-app planning to gradually roll out the feature to customers across Europe and the US in the coming months.
Revolut expects to add other more travel-related products over time, once again bending the digital banking paradigm.