Revolut to give £70 million to its customers in a 10% cashback scheme through its new travel feature, Stays.
- Revolut launches new travel product Stays allowing customers to book holidays and get 10% instant cashback.
- The average customer will save £69 a year on accommodation costs for bookings made through Stays.
- Despite travel restrictions, 84% of French and 72% of Brits and Spanish people are willing to getaway.
- Covid-conscious Brits (51%) are only willing to travel to countries with good healthcare systems.
Though most of the world is still clouded behind uncertain traffic light travel systems, 72% of Brits can’t wait to go abroad as soon as they’re able to according to data from Revolut, the global lifestyle tool with more than 16 million customers worldwide.
After over 18 months in lockdown, the appetite for the staycation is waning with just 6% of Brits having no plans to travel abroad at all. With Revolut users almost doubling their savings over the course of the pandemic, a nationwide urge to splurge in global and exotic locations is evident. In 2019 – the last year of normal travel, the average Revolut user spent approximately £690 on accommodation, £149 on flights and on average, spent £950 like a local abroad, using a Revolut card and its innovative travel features.
The data comes as fintech superapp Revolut launches its breakthrough travel feature Stays, allowing users to book their accommodation where they manage their finances. The new in-app capability is the first offer of its kind by a fintech platform and will award users with up to 10% instant cashback on bookings made through the Revolut app, saving the average customer £69 a year. This will be the company’s biggest giveaway and will see Revolut give £70 million* to UK customers booking through Stays. Having started in 2015 with the best exchange rates and zero commission abroad, Stays reinforces Revolut’s ongoing innovation as it continues to help users spend more smartly when travelling across the globe.
And it’s not just Brits experiencing travel fever, the same goes for holidaymakers all over Europe with 84% of the French and 72% of the Spanish also desiring an international vacation.
But despite a strong urge to get away, over half of the UK (51%) plan to only travel to destinations with a good healthcare system. Brits still remain Covid-conscious, especially with regards to travel, as 63% of respondents in the UK plan on being fully vaccinated very soon.
Unsurprisingly, almost half (48%) of UK respondents wish to stay in a hotel that follows Covid safety requirements and a quarter (24%) plan to rent a private apartment or self-contained villa.
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Marsel Nikaj, Head of Savings and Lifestyle at Revolut, said: “As the world begins to cautiously open up, we know everyone is desperate to get away whenever they can – whether it’s to Margate or Mallorca. We’ve built Stays to make it easy for people to find and book their perfect break in their ideal destination. After 18 months of endless restrictions and lockdowns, we want to give people more and make their money travel further. Revolut is becoming the go-to app for travel, giving you more.”
Stays is available to Revolut customers in the UK from 21 July, with the global superapp planning to gradually roll out the feature to customers across Europe and the US in the coming months. There is a long-term view to add more useful travel related products (flights, car hire, travel experiences) – making it the go-to destination for all travel decisions.
From today, by using Stays, Revolut customers can discover accommodation options across the globe with options ranging from bargain B&Bs to unique, luxury lodges.
Revolut customers can also expect access to exclusive rates on accommodation, with no booking fees* and the ability to browse and book all from within the Revolut app. The 10% instant cashback on bookings means they can save more of their money to spend when it matters – when they’re actually on holiday.
* No booking fees are charged by Revolut, but fees and charges from accommodation providers may apply.