Having witnessed the success of Netflix, Shopify and even Microsoft Office’s new subscription models, many products are moving to this model as a way to monetize. According to the latest market research, on average, consumers in Europe spend 130 EUR per month on their subscriptions. That’s about 5% of all their spendings. However, every fifth user never reviews his subscriptions and as a result, half of them are currently paying for subscriptions they either don’t use or don’t get “value for money”.
When you add the fact that people tend to forget to unsubscribe on time, or they don’t have the time or knowledge to deal with overly complicated procedures to unsubscribe, it’s not hard to understand why the subscription economy is growing 100% year over year.
According to global research and advisory company Gartner, by 2023, 75% of organizations selling direct to consumers will offer subscription services meaning that soon you’ll be buying everything on subscription.
That’s good for them but managing subscriptions can bring up frustrations for the users. Luckily, in the blockchain realm, there are new and disruptive products popping up almost on a daily basis that actually facilitate consumers with areas like this. One disruptive startup has created the first and only subscription management and tracking tool. It leverages the blockchain to give users the ability to manage subscriptions with one single click. On top of this it gives them access to redeemable incentives the more they use the product, and to lend out their unused tokens in exchange for income.
We spoke to one of the innovators behind Revuto, Vedran Vukman to understand why a product that appears so simple, can make a huge impact on our daily lives.
Clearly nothing is more annoying than being offered a free-trial and then having to give your credit card details, how does Revuto aim to address this?
So called free-trial traps are one of the key problems Revuto is dedicated to solve for its users when it comes to subscriptions. Usually, people tend to forget to unsubscribe before the free-trial period ends, which is costing them a lot of money. I can proudly say that with Revuto, anybody can subscribe to any free-trial without the fear of getting charged, even if they forget to unsubscribe on time. More importantly, by using Revuto Virtual Debit Cards instead of your personal debit/credit cards to subscribe, no service provider will ever have the chance to steal money from you.
Tell us more about Revuto, how it works and its value proposition?
Revuto is a simple subscription management app allowing its users to actively manage their subscriptions. Every Revuto user has an option to easily Block, Snooze or Approve subscription payment when the due date comes. Furthermore, by paying their subscriptions with the Revuto Virtual Debit Cards, users will have the opportunity to earn rewards, receive cashback, and apply for micro-loans in REVU tokens. The micro-lending feature will provide much needed liquidity, allowing users to better manage their cash flows and never miss a subscription payment.
To additionally save them money, Revuto will allow its users to leverage REVU – a Cardano native token and DeFi setups with subscription payments. All in all, with Revuto people will actually pay less and save their money when it comes to subscriptions.
How will you leverage blockchain and crypto into your product?
First of all, we strongly believe that crypto will dominate when it comes to online payments in the future. Crypto payments are usually cheap, fast and very efficient. Still, the biggest advantage of crypto lies in the fact that the token supply is usually limited. By growing a user base, and by using incentives for people to hold your token, the price of token will eventually rise and result with more buying power of token holders. Knowing that, our mission is very clear. We’re introducing crypto to our users to allow them to pay for their subscriptions less than they would pay them with their FIAT money. It’s as simple as that.
How did you guys come up with this idea?
During my 3-year stay in the heart of Silicon Valley, I had to opt for many subscription services in order to keep my business running. With time I realised that small monthly payments add up quickly and that by using several debit/credit cards to subscribe it was very easy to lose track about when, to whom, how much and with what I was paying. It didn’t take me long to figure out others were having the same problem.
Tell us about the award you recently won at the Dubai World Blockchain Summit?
Revuto has been named the Fastest Growing Consumer Product in Crypto for 2021 at the World Blockchain Summit in Dubai. Interestingly, crypto is an amazing place where people can build setups in which token holders can easily provide liquidity to those who need it. In our case, Revuto is dealing with a real-world business case in which a DeFi setup for micro-lending fits naturally and can further help people save their money when it comes to subscriptions.
What’s in the Revuto pipeline?
At the moment we’re releasing REVU tokens to our investors within the Revuto app. Our app was released in October and is available for iOS and Android but due to amazing response from the community (more than 3 million early sign-ups for the app), we decided to open it only to our investors and referred users. As a result, the app already has more than 250K registered users. Recently, to our app, we added a Cardano lite wallet, which will allow us to add more amazing setups in which REVU token holders will be earning additional tokens and eventually use them to pay less for their subscriptions. The Revuto Virtual Debit cards are being tested and once ready, we’ll add them to the Revuto app so our users can use them to actively manage and pay for their subscriptions.