Revolut App Experiences Issues on First Day of Cryptocurrency Offering
- The company said that it had resolved the issue by Thursday evening.
Mobile banking startup Revolut has officially launched its cryptocurrency services for its pre-paid cards, effective yesterday, but some users are finding several issues while operating the app, the company tweeted on Thursday evening.
The European digital banking outfit has appointed Bitcoin exchange Bitstamp to facilitate cryptocurrency purchases for its more than half a million users. However, many users complained about having different kinds of problems while operating the app on their smartphones. From login issues to Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term, users have posted their problems on the company’s social media channels.
Meanwhile, Revolut decided to address the issue on Twitter, where it wrote that it had to upscale the new offering launch to cope with increasing demand, as the mobile-only banking provider has been blown away by the number of people signing up for the new services.
We know that some customers are still experiencing issues logging into the app or using certain functionalities. Be assured that we're on the case and hope to have this solved for everyone soon. ?
— Revolut (@RevolutApp) ٧ ديسمبر، ٢٠١٧
The company has rolled out the new cryptocurrency features to a certain client base, those who paid for a premium version of Revolut app, while the other users will get a pending access unless they upgrade their account or refer 3 friends. However, a company representative told CNBC that the temporary queuing system, which was implemented to help gradually onboard customers, wasn’t enough for a seamless launch as the response to the usage options proved very popular.
It's been a tough few hours, but we've now resolved the issue that was affecting some users from logging into the app. As always, thank you for your amazing support and understanding. Sincere apologies from the team ?
— Revolut (@RevolutApp) ٧ ديسمبر، ٢٠١٧
Revolut, which allows people to transfer money cross-border and spend abroad in 120 currencies with no fees, promises to offer competitive rates on crypto transactions, charging only a flat, up-front 1.5 percent without other hidden fees. This is compared with higher fees on other platforms that the company claims it can add up to 5 to 9 percent of the transaction value.
Revolut’s users, about half of which are based in the UK and the other half in Europe, can also save on extra foreign exchange fees as the company will allow them to buy through all of its base currencies.
BOOM! You can now buy, hold and exchange #Bitcoin, #Litecoin and #Ethereum in seconds at the best possible rates with Revolut. Tag a friend who needs to see this! ?? Learn more: https://t.co/yPAIaJNbpu@BTCFoundation @SatoshiLite @VitalikButerin @aantonop pic.twitter.com/MPc94o2ydd
— Revolut (@RevolutApp) ٧ ديسمبر، ٢٠١٧
Mobile banking startup Revolut has officially launched its cryptocurrency services for its pre-paid cards, effective yesterday, but some users are finding several issues while operating the app, the company tweeted on Thursday evening.
The European digital banking outfit has appointed Bitcoin exchange Bitstamp to facilitate cryptocurrency purchases for its more than half a million users. However, many users complained about having different kinds of problems while operating the app on their smartphones. From login issues to Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term, users have posted their problems on the company’s social media channels.
Meanwhile, Revolut decided to address the issue on Twitter, where it wrote that it had to upscale the new offering launch to cope with increasing demand, as the mobile-only banking provider has been blown away by the number of people signing up for the new services.
We know that some customers are still experiencing issues logging into the app or using certain functionalities. Be assured that we're on the case and hope to have this solved for everyone soon. ?
— Revolut (@RevolutApp) ٧ ديسمبر، ٢٠١٧
The company has rolled out the new cryptocurrency features to a certain client base, those who paid for a premium version of Revolut app, while the other users will get a pending access unless they upgrade their account or refer 3 friends. However, a company representative told CNBC that the temporary queuing system, which was implemented to help gradually onboard customers, wasn’t enough for a seamless launch as the response to the usage options proved very popular.
It's been a tough few hours, but we've now resolved the issue that was affecting some users from logging into the app. As always, thank you for your amazing support and understanding. Sincere apologies from the team ?
— Revolut (@RevolutApp) ٧ ديسمبر، ٢٠١٧
Revolut, which allows people to transfer money cross-border and spend abroad in 120 currencies with no fees, promises to offer competitive rates on crypto transactions, charging only a flat, up-front 1.5 percent without other hidden fees. This is compared with higher fees on other platforms that the company claims it can add up to 5 to 9 percent of the transaction value.
Revolut’s users, about half of which are based in the UK and the other half in Europe, can also save on extra foreign exchange fees as the company will allow them to buy through all of its base currencies.
BOOM! You can now buy, hold and exchange #Bitcoin, #Litecoin and #Ethereum in seconds at the best possible rates with Revolut. Tag a friend who needs to see this! ?? Learn more: https://t.co/yPAIaJNbpu@BTCFoundation @SatoshiLite @VitalikButerin @aantonop pic.twitter.com/MPc94o2ydd
— Revolut (@RevolutApp) ٧ ديسمبر، ٢٠١٧