1st thoughts


Signed up a few weeks ago - got my card yesterday - love it…

A few ideas… Hmmm?

In my current role as Director of Operations for my weekly 5-side-football crew I’m always the one covered in sweat, unrolling soggy £5 notes and counting change to cobble enough to pay for the court at the end of the game…

Sometimes I even need to pay extra if someone has “forgot” to lift their wallet…

So how about setting up a Club Account - anyone who is playing can transfer their money over to an account which is held under dual control then we use this to pay at the end.

If we need to buy things for the group, new equipment etc, one of the account holders can do this solely after one of the other members agree’s to the purchase through a Monzo app prompt.

You could scale this up to charity/trustee accounts - any accounts that need dual authorizations to complete transactions. Bringing these type of accounts into 21st century!

Integration of Loyalty Cards - As Monzo knows where your using your card, how smart would it be if it was to automatically add loyalty points to the shop your in? For example if I purchased something in Boots and you had a Boots advantage card - by paying with Monzo it would automatically add the points without having to actually present your advantage card/clubcard Same applies for Tesco, Costa etc. It would just take a bit if time logging all your loyalty cards onto Monzo at the start then that’s it.

Probably involve buy in from the all the major players - don’t see a disadvantage from their point of view though. It would also be good to be able to see current balances of all your points too.

Having a key-ring fob that does the same and holds the same info as the bank card…

So instead of taking your wallet out - if your buying petrol, you would have a Monzo Fob on your key ring that you would just hand over at the counter for the staff member to scan - similar to the ones Tesco produce for their clubcards.

Monzo accounts with cards for kids controlled by the parents? Safe way of getting children used to banking, money, budgeting all safe with the knowledge the parents need to authorize transactions - could even set up ‘pocket money payments’ or ‘maximum daily spend budgets’ if their going out,

Apologies if I’ve repeated anything that’s been mentioned before. Total neeub to this but I’m enjoying myself! Yeehaa!

(Rika Raybould) #2

Having worked around many charities and small groups, there’s an endless list of unique requirements that these organisations have (as you mentioned, dual control, rotating boards of people with access, etc.). Given Monzo’s direction, I don’t think they would be in a position to offer these types of accounts, it’s just a very different type of account behind the scenes to Monzo’s aim of offering the best personal current account.

As for loyalty integration, that’s already on the cards in the roadmap. Still a bit too far out to know what that will eventually look like though. Got to get current accounts out first!

Having said that, Flux have got some concepts up for comment in this sort of area.

On the subject of non-card contactless devices, that doesn’t seem to be in the plans right now, though the community has brought it up before.

Monzo cards for kids is another subject that has come up before, one of the early hackathon projects aimed to do exactly this!

Based on conversations with the team, it doesn’t sound like Monzo are currently thinking about offering that functionality themselves, however it sounds like they would be open to a 3rd party building those controls on top of the Monzo API.