Revolut is introducing a new cash deposit feature for their UK customers in partnership with payments platform Paysafe.

The feature allows UK customers to deposit cash into their Revolut accounts from a starting sum of £10 with a yearly limit set at £10,000, at more than 12,000 locations.

The FinTech added in a statement that the number of locations will continue to “gradually increase” over the next few months, with the service being rolled out to other markets in the EEA progressively.

To deposit cash, customers can use the Revolut app to generate a time-sensitive barcode valid for thirty minutes that can be scanned at any of the participating stores.

Once it’s scanned by the cashier and the amount is paid in cash, customers will receive the funds in their accounts within ten minutes.

To access the service, customers will need to accept Paysafe T&Cs as well as open and allow Geolocation sharing to be guided to the nearest partner store.

According to data by Revolut, 71 per cent of the digital bank’s customer base has deposited cash with a bank or other financial institution in the past year, with 34 per cent wanting a feature to be able to deposit cash monthly.

The FinTech, which has more than nine million customers in the UK and 45 million globally, last week announced it received its UK banking licence “with restrictions” after a three-year wait.

The stage sees authorised new banks operate with deposit restrictions while they complete the final aspects of their set up before starting to trade fully.

Gabor Hava, head of core payments, global business at Revolut said the new service aims to help customers gain access to modern digital financial services, providing a greater level of confidence for those who have not considered digital financial services before.

“Our cash deposit solution meets clients’ real needs: by partnering with an industry expert like Paysafe, we are now able to offer a fast, simple to use and compliant service that will allow thousands of people to deposit cash into Revolut from different locations and exchange currencies in app to make transfers to family and friends in other countries,” continued Hava.

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