Revolut launches smart Subscriptions feature
Product & feature · 6 October 2020
- An easy way to track all subscriptions, Direct Debits and recurring payments in one place
- Customers will be notified when a scheduled payment is due to go out or when they don’t have enough money to pay their subscription
- Block any unwanted subscriptions in the app and unblock them just as easily
London, 6 October 2020
In pursuit of its goal to give people greater control and visibility over their financial lives, Revolut today announced the launch of its new Subscriptions feature, a simple way to track all subscriptions, Direct Debits, and recurring payments in one place.
The new Subscriptions feature allows Revolut customers to see how much money they are spending on each scheduled payment, and with each individual merchant, and quickly block payments without the hassle of going via merchants’ websites*.
Having a single overview of all subscriptions means that Revolut customers can easily spot any outdated or unwanted subscriptions and block them with a tap - saving them money and ensuring that they never worry about overspending. If they change their mind, they can unblock their subscription again just as easily in the app.
Customers will receive a notification before their scheduled payments are due to go out, giving them full control over where their money goes and greater oversight over their balance. They will also get notified if there’s not enough money in their account to cover a scheduled payment, so they have plenty of time to top up their account or block the payment.
Revolut has recently rolled out a suite of new products to give customers more control and full visibility of their spending, including Open Banking, enhanced budgeting and useful analytics tools. In the near future, Revolut will release even more features designed to help customers stay on top of their finances, such as the ability to be notified when a trial period is coming to an end so they can decide if they want to continue or block the scheduled payment.
*It applies to all subscriptions that don’t require a notice period to unsubscribe and simply cancel the subscription when the payment is not made. For any subscriptions that require a notice period or notification to the merchant, the customer will have to unsubscribe separately.
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