I’m a big fan of Revolut and have been using them for years. I always pack my Revolut card when travelling but after switching to N26 Black it is now my backup card. Yesterday Revolut payments were offline for approximately 10 hours. This was due to Global Processing Services which links Revolut to the MasterCard network experiencing technical issues. This downtime affected other fin-techs including Monzo, Curve and Loot. As a result customers were unable to make purchases or ATM withdrawals using their Revolut card.
Obviously this is not ideal and can be very inconvenient however issues like this can and will happen. Bank of Ireland experienced issues with their Visa Debit cards in June 2016 and Ulster Bank/NatWest and RBS had issued in October 2016. A lot of people have been using the downtime yesterday as a way to discredit fintech start ups which I think is unfair – it has happened to legacy banks. I always think its how a company responds to outages such as this which is more telling about the company.
Revolut have announced they will reimburse any FX fees incurred yesterday as a result of not being able to use your Revolut card which is very generous.
@Sly200sx If you have incurred FX fees because you were unable to use your card, we will reimburse, by providing statements
— Revolut (@RevolutApp) March 5, 2017
I normally have multiple cards on me and always take at least two different cards when travelling – in reality its normally 3 to be extra safe! Obviously downtime is going to hurt Revolut’s image but at the end of the day it was out of their control and they are reimbursing their customers who incurred fees as a result of the downtime. Rumour has it Monzo will be moving credit card processing in house after the outage so it will be interesting to see if Revolut takes similar action.