Our machines are ancient, still those old Nixdorf.
You rarely see folk use them though, possibly on account of the stamp duty charge - almost everywhere accepts card and many places give cash back (including pubs )
Actually - you can get cashback on a Revolut Virtual card. Maybe that accounts for a low uptake of physical cards and perhaps you really don’t need a physical after all
The issue with how Revolut are doing it is that it’d actually be very easy to frame it as ‘better for the customer and better for the environment’ to discourage people having a physical card by highlighting how Apple/Google Pay and virtual cards are more secure and having less ‘single-ish use plastic’ generally is a good thing.
But they’ve not done that - they’re instead milking the cash-cow by coming up with weird and wacky different cards that people can instead purchase.
I’ve stuck with a purely virtual approach to Revolut even when I have taken advantage of their ‘free upgrade to one of our premium options’ trials although I’ve got to admit Revolut is not a ‘main account’ for me at any level.
Monzo and Starling are where I do all my day-to-day banking but even those cards are hardly used. I think I’ve taken cash out at a cash machine twice this year (I’ve had a fiver in my wallet now since April that I keep forgetting I’ve got ) and it’s really only if I’m at a pay-at-pump petrol station that I’ll use the physical card and even those are now also being upgraded around here so I can use Apple Pay.
I’ve had two emails from Revolut about them converting me to a bank account (March/April) and still nothing lol, not really bothered though… credit cards won’t come immediately anyways and the savings accounts have been FSCS eligible since launch.
I absolutely completely agree that using a virtual card is better for the environment from a production and then delivery perspective, and also much better for security.
But how many people out of the 75m users though are really actually buying limited edition cards, I expect most couldn’t care less about them and will get the cheapest, or the virtual - ‘it’s just a card’ after all.
Out of the huge profits that Revolut is now posting, I doubt that card sales factors in other than the tiniest of percentage
There was research in this published a month ago or so - about 75% use primarily contactless payments where they can and two thirds of this 75% use mobile wallets not physical cards. Data by transaction volume.
Lots of people still use physical cards, it feels counterproductive to me for Revolut to charge for one.
As for the “you don’t need to use one”, no you don’t but a large proportion of people want a card as at least a backup payment option. I can pay via Garmin Pay or my watch or Google Pay on my phone but still carry a few cards as a “just in case” option alongside a note or two for cash only merchants.
Hopefully the archive link works, is not violating t&c.
At times it reads more like a PR piece but I don’t disagree with it, I do think Revolut is a great company. + An endorsement by Jensen Huang !
I have tried Revolut again but I’m still getting poor accuracy on the location of any purchases.
For example my local corner shop, correct on the map but address is the next village over, which doesn’t have a co-op store. Right postcode. It’s bizarre.
I know this doesn’t bother some people but all the other banks get this right.
It’s frustrating as I like the interface and the features and I want to like the bank.