Monzo, the UK’s leading digital bank with more than 12 million customers, has today launched another industry-first in its Undo Payments tool, giving both personal and business customers extra confidence and peace of mind when sending money via bank transfer. This comes as new data from the bank reveals that almost one in three Brits (30%) have either sent money to the wrong person or sent the wrong amount in the last year.
Monzo’s revolutionary new feature provides a customisable 10-60-second window that allows customers to cancel a bank transfer if a mistake is made, like adding an extra “zero” to an amount, or selecting the wrong recipient. The tool also provides a moment of pause for someone to stop and think if they’re tricked into sending a fraudulent payment. New research, conducted by Monzo, highlights that over three quarters of Brits who sent a wrong payment (78%) realised they’d made a payment error within just a minute of it happening.
Trying to retrieve mistakenly sent payments from any bank is usually a long and quite frustrating process. There’s also no guarantee customers will get anything back at the end, with Monzo’s research revealing that almost a third (32%) of people have been left out of pocket due to a wrongly sent payment. The Undo Payments tool is designed to act as a comfort blanket in those moments, providing peace of mind and turning a moment of panic into a sense of relief.
| Here’s How It Works:
Imagine a Monzo customer has just made a bank transfer but straight away they notice a mistake, such as sending the wrong amount or selecting the incorrect recipient. This is what happens next:
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New research from Monzo reveals the demand for an Undo Payments feature, with results also showing:
- Over 825m was sent by mistake in the past year, whether by people sending money to the wrong person or by sending the wrong amount
- 58% of Brits stated they would feel more confident and/or relaxed making payments if they knew they could undo them
- Over two thirds of Brits (68%) claim a simple typing error, such as adding a zero, was the reason for sending the wrong payment
Andy Sacre, Head of Payments at Monzo said:
“We know it’s important to be able to send money quickly and easily – but we also know that mistakes can happen, whether that’s sending the wrong amount to someone or paying the wrong person. In another industry-first, we’re bringing the best of banking and technology together to solve that problem for our customers, with this simple yet powerful feature that ensures they can send money with Monzo more confidently and safely than ever before.”
The Undo Payments feature will begin rolling out from today, exclusively for Monzo customers. By investing in building cutting-edge technology, Monzo’s focus is on ensuring customers feel safe and confident transferring money. Visit http://monzo.com/features/payments to find out more.
