One of several awesome things in this month’s newsletter was more the team’s update about their plans to enable users to deposit cash -
What we’re doing to help you pay in cash
Because we don’t have branches, you can’t pay cash into your Monzo account right now. But we know a lot of you would find this feature useful, so we’re working on it now!
To find out more about how you use cash and what you need from us, we sent out a survey which more than 1,600 people around the UK answered.
Here’s what we learnt:
- More than 97% of people deposit cash, although only 17% do it more than once a month.
- Handling cash is a faff and people don’t like carrying it around for too long, so convenience is key
- Using cash to pay for things makes it difficult to track your spending through Monzo: only the cash withdrawal appears in your app, so you can’t see how much you’ve spent or where you spent it
- Cash is the only thing keeping some people from closing their legacy bank account and going #fullmonzo!
Our findings helped us understand what we need to do next:
- We’re working to give you the option to pay cash into Monzo in the next few months!
- We’re looking into a few options, and will be able to make some decisions and share our plans in a few weeks.
- It’ll mean we work with a third party, which comes with its own costs. So we’re working out how we can give you the most useful, convenient service in a way that’s sustainable for us.
I could be wrong but that last line makes it sound like Monzo will charge users for depositing cash..