Revolut has begun rolling out a pay later instalments product to its Irish users, following a trial with 1,000 people.
The service enables Revolut users to buy up to a maximum of €499 using any of their Revolut cards, including a Revolut Disposable Virtual Card.
A fee of 1.65% per purchase is applied and repaid as part of the final two instalments.
Revolut is able to check a customer's ability to repay before granting the credit by linking to the customer’s bank accounts through Open Banking.
It then uses the information to assess the user’s suitability and affordability through an underwriting process.
Merchants do not have to sign up to the system and Revolut does not charge them when a customer buys using the service.
Although the maximum credit limit is €499, each user has a bespoke limit and the company claims this ensures a "responsible" approach to the concept of pay later.
If a customer wants to repay the instalments early, they can do so without any additional fees.
Revolut has around 1.9m users in Ireland.
The fintech has already tested the service with over 1,000 people here since June.