Revolut has announced its partnership with Paysafe in order to enable cash deposit services for its customers and clients in the region of the UK. Following this announcement, Revolut has launched cash deposits for all its UK-based customers and clients, through a partnership with Paysafe.

By accessing the new Cash Deposits solutions, Revolut users will have the possibility to deposit their cash money into their accounts in a secure and efficient manner. In addition, both companies will continue to focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry. More information on the announcement According to the official press release, Revolut surveyed its customers and found that 71% individuals deposited cash with a bank or other financial institution in the last year, while 34% wanted a feature that will give them the possibility to deposit cash on a monthly basis as well.

Throughout this partnership, the new solution is expected to be launched in over 5.000 locations across the region of the UK, and it will also toll out in other markets in the EEA progressively. The products is set to also offer fast, simple to use, and compliant features that will allow individuals to deposit cash into Revolut from different locations, as well as exchange currencies in app to make transfers to family and friends in other countries. Cash deposits will start at a minimum of GBP 10 and a maximum of GBP 500 per transaction, with a daily cap of GBP 750.

In addition, customers will have the possibility to deposit cash up to a total of GBP 2.250 a month, while the overall yearly limit being set at GBP 10.000. Users that are leveraging the solutions for the first time will be given the capability to deposit up to GBP 100 for free. Following the process of depositing, all funds will have a 1.5% fee that will be applied for clients in the region of the UK.

In order to leverage the cash deposit in the Revolut application, customers will be required to access the solutions by tapping `Add money` on their home screen, change their selected method to cash deposits, and accept Paysafe T&Cs as well as open/allow Geolocation sharing so that they can be guided to the nearest partner store. By clicking on `Cash Deposit` they will be enabled to enter their desired amount, and a barcode will automatically be generated by tapping on `Continue`, being valid for 30 minutes and allowed to renewel. Clients will need to present the barcode to the cashier at any of the participating stores for scanning, pay the selected amount, and wait for the money to be credited to the account within ten minutes.

The fee is set to be deducted from the deposited amount. The new cash deposit feature was powered by Paysafecash, and it is expected to represent an important step into the shared commitment to revolutionise cash-based payment products, as well as provide clients with numerous payment choices. .