Create a new Monzo app to send money (like WeChat or Venmo)

I don’t know too much about these platforms, to be honest. That does seem to be the drawback, being closed-loop.

Strategically, if something like WeChat could expand into banking (or hold money in a regulated account rather than a wallet) then they could circumvent the banks and own the industry. Whether the Chinese government would be keen on that only they know.

For the west (and the UK specifically), the idea sounds interesting, but it’s a bit chicken and egg. And you’re also fighting on multiple fronts - the payment schemes (like Mastercard) and the banks (like Monzo). Which, I suppose, is why it’s the big ones like Apple giving it a go (thus far unsuccessfully).

(PayM is a rubbish implementation - I do wonder how a standards-based ‘open’ system that allowed you to choose the destination account when you received a text with ‘cash’ attached might work/land… :thinking:)

My main issue with PayM (aside from not many people having it/knowing they have it), is what if you have more than one account?

Also, I’ve found it quite difficult to remove my number from PayM on one bank account so I can add it to another.

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Totally agree with that, don’t be a WeChat-like app. Be a pure bank-like app. Focus on bank and finance, focus on payment (including EU payment and international payment (though Monzo+TransferWise is absolutely great!!!)), and focus on people’s experience~

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