Revolut online payment service outage now fixed

Revolut customers were inconvenienced by a partial disruption to services, preventing them from making online payments for some time on Sunday December 26, writes the Irish Times.

There was no complete information on the number of FinTech customers affected by the issue.

Revolut’s status update page says the issue was first revealed at 1:09am on Sunday, but resolved by early afternoon. It had also been limited to Visa payments, without affecting Mastercard transactions.

According to Revolut, engineers had worked on the issue. They apologized for the inconvenience, but initially had no time when the issue would be resolved.

Revolut has 1.2 million customers in Ireland. The company said it would likely exceed 2 million, given its current growth rate.

The company had another issue earlier this month where customers were unable to use their phones.

But Revolut remained confident.

“One in three Irish adults now have a Revolut account, and on Black Friday alone, over 400,000 people in Ireland shopped through Revolut,” said co-founder and chief executive Nikolay Storonsky.

PYMNTS reported earlier this month that Revolut had obtained access to a full banking license from the European Central Bank, according to the Bank of Lithuania. The bank will now be able to issue consumer credit and other services. It will also be able to house Revolut’s European customers under the deposit guarantee scheme.

Read more: Revolut Bank obtains full European banking license despite criticism of unfair competition

Prior to this announcement, Revolut Bank operated in the European Economic Area (EEA), with a specialist license. It then launched new banking services in May 2020. These later offered limited services such as accepting deposits and offering credit services in Poland and its European base of Lithuania.

It has since started offering services in more than 15 other European countries.



On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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