The business arm of neobank Revolut has announced the launch of a new Point of Sale (POS) system.

The company said that the iPad app, which is now out of beta-testing, forms part of its plan to target the hospitality industry with its payment technologies.

Revolut Business is the company's borderless financial "super app" for businesses.

The new technology can be used to take both payments and orders and is designed to help companies manage their stores.

"Revolut Point of Sale embodies our dedication to customer-centric solutions for thriving businesses in today's dynamic market,” said Alex Eguileor, general manager of merchant acquiring at Revolut. “Its user-friendly interface and robust features streamlines the way businesses manage store operations, while our low transaction fees and 24-hour settlement ensure swift access to funds without business delays."

The move is the latest technology launch from Revolut, which also recently introduced an advanced scam detection feature to help protect customers from card scams.

The challenger bank said since the launch of the AI-powered feature, it has observed a 30 per cent reduction in the fraud losses resulting from card scams where money has been sent for investment opportunities.

Last month the company also launched a new robo-advisor automate investing for customers across the European Economic Area.

The FinTech describes its new product, which requires a minimum starting investment of €100 and has an annual portfolio management fee of 0.75 per cent of portfolio value, charged each month, as being advantageous for those who do not have the time to actively invest, or have limited or no trading experience.

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