Revolut is set to revamp its paid plans while also launching its latest subscription option, Revolut Plus.
Revolut’s new Plus service will cost £2.99 a-month and will include theft and accident coverage alongside purchase protection up to £1,000 for a year.
Under new plans Premium customers will be protected up to £2,500 while Metal customers up to £10,000.
The move will be seen as an attempt by Revolut to differentiate itself from the proliferating digital payments market.
It will be hoping that the revamped plans and new offering will help draw in additional customers and boost revenues, as the fintech broke even last month for the first time since 2018.
Despite fairly diversified revenue streams, over 60 per cent of Revolut’s income comes from interchange fees, the cut it takes from customers using their card.
By tempting customers with priority customer support and access to trading cryptocurrencies and commodities, it seems Revolut is pulling out all the stops.
Paid plan customers will also be covered for events in a clear sign of the times, amid fears that customers cannot attend should they be cancelled.
“Revamping our paid plans and introducing Plus should give a big boost to our customers’ confidence and wallets,” said Felix Jamestin, head of premium product. “Not only will they receive a new, affordable plan with additional protection, they will also get all the great features they have come to love.”
Monzo, one of Revolut’s biggest competitors launched its premium service back in October. The premium card, which builds on Monzo’s £5 per month product, offers virtual debit cards as well as phone and travel insurance.