Swipe on a transaction, hit the split bill button and select your contacts. Other users receive a push notification saying that your friend is asking for some money. When you open the app, you’ll see the request directly in your transaction feed. You can accept or reject the transaction.
This is a straightforward way to pay back your friends and family and could end up generating more user transactions for the startup. You could already send money to other Revolut users for free, but now you don’t have to use another app such as Splitwise to figure out who owes what.
This is particularly important as Venmo and Square Cash aren’t available outside of the U.S. The peer-to-peer payment market is much more fragmented, and everybody wants a slice of that cake.
Revolut started out as a mobile foreign exchange service. You can upload money to your Revolut account using your credit card or a bank transfer. Then, you can send this money in dozens of different currencies and pay less fees.
The company also gives you a free MasterCard so that you can pay around the world without any foreign transaction fee. In other words, slowly but surely, Revolut is recreating all the features that you’d expect from a bank account. With today’s update, bill splitting requests and text message invitations could help Revolut when it comes to growth.