Revolut, the global money app, announced Tuesday (Jan. 17) it launched a new feature that lets customers split the cost of any payment via their phone.
According to Revolut, the new service is free, instant and eliminates any discomfort of asking someone to kick in. “The new feature can be use used for anything from splitting the lunch bill to paying the month’s rent. For example, if a group of friends are out for dinner and one person pays, everyone else can send their amount owed to the payer’s Revolut account instantly,” Nik Storonsky, founder and CEO of Revolut, said in a press release announcing the new feature.
According to the company, Revolut users can make a payment with their contactless RevolutCard, tap the split bill button in the app and select via their phone contacts who to split the bill with. The original amount owed can be edited, or by simply hitting “Request,” the bill can be split down the middle. Once the bill is split, the phone contacts will receive a notification with a request for the owed amount, which can then be accepted with a single tap. The money will hit the requester’s account instantly.
According to the company, the new feature is an extension of its person-to-person payment products. Customers of Revolut have transacted the equivalent of $79.8 million in real-time P2P payments, sending or requesting an average of $212, £91 or €95 per transaction. The top five use cases for the P2P feature are paying each other back for food, taxis, pizza, beer or sending gifts. Users can also transfer 23 currencies globally at interbank rates using a sharable payment link, the company said.