Revolut takes on Square with new payment terminal for larger businesses

Fintech powerhouse Revolut is intensifying its rivalry with industry players such as Square and SumUp by unveiling a cutting-edge payment terminal designed for larger businesses and retailers.

The London-headquartered banking firm is poised to introduce the Revolut Terminal in the UK and Ireland, strategically coinciding with the peak festive season, as part of its drive to expand its business-to-business services, as reported by City AM.

Revolut's merchant acquiring division, which began launching products in 2021, offers a range of online and offline payment solutions under the Revolut Business brand.

The new terminals will enable merchants to access Revolut Pay, a seamless checkout option allowing the fintech's 45 million-plus global users to make payments directly from the Revolut app.

Through this method, customers can earn "RevPoints" via the firm's loyalty reward scheme, while merchants will benefit from lower fees of 0.5 per cent plus £0.02 per transaction.

The terminal can be integrated with Revolut's software, providing merchants with access to valuable analytics, table mapping, multi-location management, and customer catalogues.

Revolut has reported processing payments with over 65,000 merchants in the past year, during which time the volume of in-person transactions has quadrupled.

"This is one of the major new bets that we have as a company," Alex Codina, general manager of Revolut's merchant acquiring