All other things being equal, I’m sure most would buy from a business who would donate a % of the sale to the customer’s chosen charities, foundations, public services etc… If a business had a Monzo account, when my money goes into it, the % they’ve advertised would automatically be taken and split between all my causes (which I’d have saved with Monzo). Obviously the amounts would be tiny for each cause each time, but with many businesses doing the same thing, the amount for each cause would quickly pile up to be big enough to send.
Businesses would be in competition with each other to offer a higher %, benefiting everyone, and would help Monzo attract these businesses and customers to open accounts with them.
Another way that this could work is the business wouldn’t need a Monzo account, they could simply sign up to a database that Monzo manages, then when a Monzo user makes a payment to that business. Monzo would hold onto a portion of the amount paid & donate to the charities that the user’s selected in their account.
That way, there’s no need for business accounts or for the money to be transferred twice (once to the business & then onto the charity) which should reduce fees.
Charity donations have been discussed here but in a different form -
One significant difference between this approach & the one that’s been suggested in the post that I’ve shared the link to, is that Monzo would be managing this feature whereas a 3rd party developer could create an app for the other.
As an alternative, a third party could set up, manage & integrate the database of charities with the Monzo app too which would enable other payments providers to use the same database.
Yes, this is what I’ve been working on. I wanted to put the idea out there in case Monzo thought it was good enough to spend time developing it too. Perhaps we could work together? I’m happy to work on it alone, but I’m pretty sure I won’t be able to get it done as fast as we could together.
