Something we’ve been exploring in the partnerships team over the last few weeks is how cashback could work on Monzo.
Everyone digs cashback, and if we can work out a smooth way to reward you for your day to day spending it’d be a big win for both us and our users. I’ve been digging into the design for how this could function, and I’d like to share some of the progress so far.
So to condense the concept down into one very simple, pleasant journey, here’s what I’ve been working towards so far:
You go shopping. You pay, you get your trusty Monzo notification, but something’s new – hang on, what’s this? A couple quid back for your purchase. Unbelievable. You swipe through, you see the cashback right there on the transaction. You tap through to see all of your cashback from the last few days, building up to be paid out at the end of the week. Sweet.
Here’s what that would look like:
And at the end of the week once that’s been paid out:
These are still pretty early concepts, but after some exploration, discussion in the team, and research with users, we’re pretty confident of this approach.
One of the main things we noticed was a split in how people preferred cashback rewards – with half after an instant payout of a smaller amount, and half wanting a collection of cash to be paid out after building for some time.
We’ve tried to go for something in the middle, so you still get that instant buzz of reward in the moment via the notification (and on the transaction), but the payout will come in a bigger chunk at the end of the week. It’s worth mentioning however, that a weekly payout is still up in the air – it could well be monthly or some other time period.
Another point to be aware of is that, while we generally use real data and merchants in our designs, I’ve used placeholders to illustrate the time being as it’s still too early to know which merchants would be part of the cashback program. I think we’re confident that we could get a really amazing selection of places though, ones that would reward you both for day-to-day spending and one off affairs.
So, that’s that. As always, please share your thoughts and feedback here! Party on.
Important to note
- As said, we have not worked out any details with merchants or providers so far, so can’t say what sort of rates, where this would be offered yet or even if we will be able to offer this at all.
- This will be released on Android and iOS at the same time.
- We don’t have a solid timeline of when this would be released, but we’re hopeful it’ll be in the not-too-distant future
- It will be current account only.