With a banking history with First Direct, I’ve never had this functionality so wasn’t too fussed about it. Now that it’s looming, I look at the people I can group accounts together for in my contacts list and start to see how useful this may become.
Will there be the option to link phone contacts which are on Monzo to a Payee so you can send P2P payments through the Payee?
It would be great if the bank logo appeared next to the Linked Account. Maybe instead of the logo of the columned building design? I think it would help people choose the correct account to pay if a Payee has loads of different accounts.
Will the Payees be stored on the Monzo servers or locally on each device? Having them stored on the Monzo servers would be great - just like how Google or Apple store phone contacts.
Yes, after you’ve paid or been paid by them once.
It will
This will initially be an extension of “recent payees” - so everyone you can see in your recents will be moved to this new service. For now, “Monzo Stories” (as I call it, the round photos) will still be powered by your phone’s contacts.
Would it be possible instead to store this information on the phone’s contacts (you can add custom fields to them so I imagine you can do this programmatically too)? This means your payees would be portable across all banking apps if they choose to implement this too.