Dear Revuto users, while $ADA is pumping (nothing unexpected), our team is working hard to catch up with the momentum. The new iOS update 4.0.2. has been sent for review, and the team is already working on 4.1. (Preview in the photo) to improve the app before we go full throttle with it. But before we jump to 4.1.0, let's first dig into what's happening with the @get_revuto app ATM.
During the #Cardanosummit2024, our team launched the iOS version of the app supporting the Debit Card Program. That was a significant milestone for us because we had been trying to release debit cards for quite some time. After years of struggle with card issuing and banking providers, compliance, and technical integrations, we finally launched debit cards. Moreover, Debit Cards supporting #Cardano assets are something the whole Cardano ecosystem could benefit from once people start using them to pay for their subscriptions and, later, many more. Still, because of the complexity of the product, the launch didn't go without problems, so I'm here to address some things.
1) we launched the v4 during the summit, allowing users to unlock Debit cards, but we launched the iOS version only. Amazingly, we had no problems with Apple this time but with Google reviews. Google demanded that we update the Kotlin API to the latest version to avoid (apparently) future compatibility issues. We knew about that technical debt (as we internally call it) before but planned to focus on it after we launch v4 to meet the Cardano Summit launch deadline. Since Google declined the app, more than 650 reported errors have been checked and fixed, and the Android version of the app is scheduled to go out sometime next week.
2) Until today, we have unlocked Debit Cards for 36 iOS users. Eligible users from the EEA or UK who bought Revuto Ordinals or applied for beta testing were included. We'll add Android users to that list when the Android app is out next week. Every eligible user got three free debit cards, but unfortunately, many could not issue cards because of issues that I'll explain.
3) Until recently, we allowed all users to perform KYC verification with our app regardless of whether they'll use KYC-related products. Non-EEA users could perform liveness and national ID checks, while all users from the EEA and UK could perform a complete KYC verification (including PoI and PoA) to be ready for the Debit Cards. A full KYC was mandatory so our banking and card issuing provider could open an IBAN (bank) account for our user as a pre-requirement to get Debit Cards. KYC verification has been available in our app since 2022 as a standalone feature. Until now, every KYC verification, including PoA, has cost us around 2.5 EUR per user. Now, imagine the feeling when we recently discovered that our banking provider (Paynovate) couldn't accept most of those KYCs because they only accept PoAs younger than 3 months, not to mention all other fully KYCed users whose PoI (Proof of Identity) expired, resulting in Paynovate refusing to open a bank account for them. To fix the problem, we're working with our KYC provider, SumSub, to extend our agreement to start using webhooks to get information about all expired documents for our KYCed EEA + UK users so we can ask them to resubmit new documents. Because of this, many already KYCed users who tried to get a VDC (virtual debit card) for their subscription were stuck (in the loop) with KYC verification.
4) Besides the issues with outdated PoI and PoA, one of the requirements from Paynovate/Linkcy (actually a requirement from the regulator) was to include mobile number verification and a short questionnaire about the source of funds; the purpose of using the cards, expected yearly income and some other "stupid" questions. To comply with the requirements, we added a questionnaire to the process. Still, it didn't go without a problem because we found out the card issuer doesn't approve "other" as an answer within the questionnaire, and the mobile number whose country code doesn't match their PoA.
5) Our banking provider required us to provide the ZIP code to open an IBAN account for our users, but after launching the app, we learned that Samsung could not correctly extract the ZIP code from the PoA for some users. With the 4.0.2 update, all eligible iOS users for VDCs will be asked to enter their ZIP code so we can send it to Paynovae/Linkcy and avoid issues with asking our KYC provider to do so.
6) Some users who got their first VDCs could not use them with their service providers because the payment gateway would ask for 1 EUR or USD for the card authorization. Because of this, we decided to fund every new user (his IBAN account) with up to 2 EUR to avoid such situations. To elaborate on the setup: unlike many other fintech companies, Revuto doesn't hold users funds in FIAT because it is set up to work as a proxy between users' funds in FIAT (other debit/credit cards) or Crypto to top-up Revuto Virtual Debit Cards for subscription payments. That's why we are waiting for users to top up their IBAN accounts on the subscription due date.
7) As soon as 4.0.2 is out (most likely tomorrow), we'll email all iOS users included in the debit card testing to start the process again (verify the account, add a first-top-up card, add a subscription, and request the virtual debit card for that subscription) so we can track the process and get much-needed feedback. Until the public launch, Revuto will fix all the issues, but we need your help to fix them.
8) Even without your feedback, we know we need to improve UX further to make the product more accessible to new users. We have a great product, but the user onboarding process needs to be perfect to make people use it. To find that "perfect", we need existing users to send us feedback to improve so they can start recommending the product to others. The results won't come overnight, so don't forget to refer #Revuto to your friends. Doing so, you can earn decent passive income in $REVU once your referred friends start using Revuto VDCs to pay for their subscriptions.
9) Additionally, we need your feedback on the notifications and payment process. Revuto debit cards serve as a layer of protection and privacy against unwanted subscription charges, but to allow payments, we use mobile notifications to notify you about what to pay. If the VDC top-up feature is not set up to auto-approve the payment (this feature will work with crypto once the custodial wallet is out), the first notification allowing users to decide whether to pay or not will come 3 days before the subscription due date, and if the user doesn't react to it, the next one will come one day prior the due date and the final one on the due date. Notifications allow the user to decide if he wants to Block, Snooze, or Approve the payment, basically to decide what to do with the subscription for the next billing cycle. Again, your feedback will tell us if everything works okay and if we need to do things differently.
10) For the start, every new user will get three debit cards to pay for their subscriptions. Soon, when all issues are fixed, we'll unlock access to the Revuto Pro (in-app purchase). The upgrade will unlock features like Cashback in $REVU, more VDCs, and many more. We'll explain all the benefits once the Pro version is out. The most important thing to understand about the Revuto Pro is that it will be the first feature within the ecosystem to kickstart the $REVU tokenomics because users will be prompted to unlock Revuto Pro by purchasing and locking up a specific amount of $REVU for a more extended period of time (12 months or more).
I'll finish this update with a personal opinion on our users' expectations. I'm aware that many were waiting for the #Cardanosummit2024 because they expected the REVU price to increase once we launch the cards. To address this misassumption, we did a Live YT AMA before the summit to specifically explain the roll-out process for the VDCs and plans for kickstarting REVU tokenomics. Also, we explained how all major marketing activities were set up for early 2025 so we can benefit from, most likely, very favorable crypto-market conditions. Still, when you raise expectations by sponsoring the Cardano Summit, you risk that some token holders will feel disappointed if the token price does not increase, which can hurt the project. That's why WE BEG YOU to follow our announcements to understand the process and get up-to-date with plans for 2025 (and beyond). Otherwise, the $REVU price may suffer despite our efforts to set up fundamentals for the Revuto ecosystem and its token utility growth.
If you have any questions, comments, or suggestions, please don't hesitate to say. Now I go to sleep, thank you 🙏
For what it’s worth, the paper in this meme is meant (to the author) to make you feel like the heuristic in the tales above me feel real and also have a home in the hearts of actual nerds (can give you a proof of the fundamental theorem of algebra) and not just degens
We're seeing some connectivity problems with the BCHBull backend which may make creating contracts difficult. We are investigating and will be back shortly, and let you know when we are back up.
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