Revolut Launches Instant Cash Back Rewards in US

Revolut has launched a new in-app feature in the United States that provides instant cash back rewards.

The financial app’s new Shops feature provides up to 3% instant cash back rewards at participating brands and retailers that are listed in the app, Revolut said in a Thursday (July 6) press release emailed to PYMNTS.

“We’re proud to offer instant cash back, unlike other providers, which can take up to three months,” Revolut General Manager of Lifestyle Products Christopher Guttridge said in the release. “As the cost of living rises, we are delivering ongoing product innovations aimed at meeting our customers’ everyday financial needs and aspirations, whilst giving them more financial control.”

With Revolut’s new Shops feature, users can search and browse products and services and earn instant cash back on purchases from eligible merchants, provided they start their shopping journey within the app and pay in full with their Revolut card, according to the release. Cash back is paid instantly.

Users can click on “Shops” in the app to see all available offers and instructions about how to get instant cash back, the release said.

PYMNTS research found that restaurants, for example, can secure customers’ loyalty with special offers, deals and events.

Among Generation Z consumers, 54% reported that they search for restaurant information by looking at special offers, events and other advertisements, according to “Connected Dining: Word of Mouth in the Digital Age.”

The report also found that 4% of the total population — consumers of all generations — said they do the same.

Revolut announced June 1 that its global retail customer base has topped 30 million after adding more than 5 million users worldwide since November.

The largest portion of the app’s 5 million user growth came from the United Kingdom, with 1.2 million people from the country joining the platform since November. Other key market growth occurred in Romania, Poland, Spain and France.

In other developments at Revolut, the company has brought its automated investing feature to the U.S. and has launched in New Zealand with a waitlist of 26,000.