The news: Revolut launched a feature that lets customers make purchases using cryptocurrencies, according to PYMNTS.
Revolut embraces crypto: Despite a turbulent year for digital assets, the neobank is adding to its crypto offering, which already includes trading and educational courses, after securing a UK license. With its latest feature, it can capitalize on the growing popularity of crypto payments.
Crypto pain points persist: Revolut and other fintechs are betting on crypto payments becoming mainstream, but the relative number of those using them remains tiny. Just 1.5% of adult internet users in the US, for example, will make crypto payments this year, per our forecasts.
Two major problems are holding back adoption:
The big takeaway: While regulation and asset volatility are limiting growth, payment firms and fintechs including Revolut can explore crypto payment features to attract curious customers and build out a presence in the space before it matures.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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