The Revolut-ion is well underway in Malta. After attracting over 10% of Malta’s population, the popular digital banking app is now turning its eye towards the country’s businesses, entering into a collaboration with the General Retailers and Traders’ Union (GRTU).
“We believe in the principles Revolut stands by and we see it as a welcome breath of fresh air as a digital banking alternative,” the GRTU said. “We have long been fighting and arguing against exorbitant and hidden fees and expensive access to finance and Revolut has so far provided a very good first step. It is high time Maltese businesses are charged a straightforward cost that is not percentage-based and does not include exorbitant costs, hidden profits or fees.”
“We join our Prime Minister Joseph Muscat in welcoming Revolut to Malta and we will endeavour the best of our efforts for it to succeed and give a much needed service to Maltese enterprises.”
As part of the collaboration, Revolut will organise a number of workshops for GRTU members throughout 2019 and provide Maltese businesses with a three-month free subscription. Fixed subscription fees, varying on the package chosen, will apply afterwards, but a GRTU spokesperson said this will not pose the same problems as bank charges currently do.
GRTU and Revolut announced a collaboration earlier today
“We don’t mind having a fixed subscription, but we do mind bank charges being imposed on every transaction,” he told Lovin Malta. “Some businesses, such as petrol stations, don’t accept credit card payments because their profit margins are too low to absorb the impact of the bank charges. Feedback from businesses with regards Revolut has been very good so far and we hope this app will help shake up the scene.”
Apart from eliminating bank charges, Revolut also allows companies to issue corporate cards to its staff, giving them the facility to track the entire team’s business expenses instantly, set spend limits for each employee and easily block lost cards.
Revolut’s CEO Nikolay Storonsky raised eyebrows last month when he pledged to “end the party” for traditional Maltese banks, who he accused of fleecing their customers with their “crappy technology”.
Prime Minister Joseph Muscat endorsed the digital banking app, hailing fintech as “the future”.