Digital bank Revolut has added a new function to its online app called Revolut Pay to allow clients make ‘one-click’ payments at the checkout and earn cashback.

The company describes Revolut Pay as “a new secure online checkout feature which allows merchants to offer it as a payment method on product, cart, and checkout pages”.

Consumers can pay with just one click, says Revolut, and earn cashback on purchases as they spend. Existing Revolut users can use Revolut Pay and pay via saved cards or directly via their Revolut account balance.

Non-Revolut users can pay just as easily by using saved Mastercard or Visa cards issued by any other providers, it says.

The method is available to any online customer regardless of whether they have a Revolut account or not. It allows customers to pay for a product or service from a merchant that offers Revolut Pay as a payment method at check out. 

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According to Revolut, online merchants lose up to 80% of their sales due to customers abandoning their shopping carts, and the ease of its one-click approach will, it says, “reduce cart abandonment with its fast and frictionless checkout”.

Chief executive Nikolay Storonsky said: “With its speed, convenience, security and low pricing, Revolut Pay gives merchants a competitive advantage in a rapidly growing e-commerce market.

"At Revolut, we constantly strive to make it faster, easier and cheaper for merchants of all sizes to accept payments, wherever they are, and to make it more convenient and secure for customers to pay. That’s why we’re launching Revolut Pay.”