Improving Monzo Plus - If you were Monzo

My wishlist:

  • Global feed
  • Pots are accounts
  • Vcards are accounts
  • Joint accounts are accounts but shared
  • Rules for accounts IFTTT built in

Lots of hard work and there are possible problems like number exhaustion mentioned above, but unifying accounts would solve a lot of the thorny issues monzo have made for themselves and all the questions asking why can’t I do that with this type of account, and it would potentially provide extra selling points for plus if certain features like an account number or vcard for pots were held back in plus.

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Maybe that’s just the simplest thing? Plus exclusive - create (unlimited?) special pots - basically second, third, fourth accounts, all with account numbers, (virtual) cards…?

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Can i make a public plea that everyone stop calling them “Vcards” please :laughing:

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Do you still have yours?

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Unfortunately not… im not a plus member :laughing:

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That’s fair, we wouldn’t want any one to think we’re talking about the virtual business card format. Wouldn’t want to get anyones hopes up that this feature would be integrated into plus!!

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<Geek> I’d be keen for Monzo to pioneer the use of a similar standard for storing and sharing bank details, perhaps extending the current virtual business card format. </Geek>

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So you’re saying we should embrace the use of the Vcard!

It would be great though! I could give people my Vcard, they could give me theirs!

It would make all those bank transfers so much easier, if we could all trade Vcards.

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The best way to lose your Vcard would be to cancel Plus.

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Too late!

So, you can’t really solve the Virtual Card problem with new CVC2 for every transaction. That’s because in many situations CVC2 isn’t even used for an online payment, more specifically recurring payments. For example you never enter your CVC2 for every Spotify subscription payment and they don’t even store it on their end (well… It’s against the rules to do so).

The only way to get rid of your old card number is by blocking it and generating a new one (which is what our Virtual Cards are right now)

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But in theory doing that is possible, since we have 100% control of the CVC2 on our end.

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And about recycling card numbers. You’ll often see that when ordering a replacement card in your bank - which keeps the same number as your previous card. It was Monzo’s decision to always issue a single card number per physical (or virtual) card. That’s because we want to be safe in case your old card is compromised.

In the long term (say 5yrs after a card has already expired), it is technically possible to reuse a card number. But in practice until you are really struggling for new card numbers, it’s not worth it and might have risks of that number still being stored somewhere

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This is pretty much where I end up any time I start thinking about virtual cards on a pot.

What is a “pot”? Is a pot an account? What is an “account”? What even is money, anyway? Why are we all here?

(…and now I remember I’ve made this joke before…)

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And I just saw in the thread your comment about “fractal coastlines”; there’s a similar thing with a countries area and wether or not it takes into account height: (https://www.youtube.com/watch?v=PtKhbbcc1Rc)

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I just opened a thread about this, it NEEDS to be a thing.

I have payments go out and even though I block my card, it’s much easier to have money in the pots so you know what is being used and what isn’t.

Liking all of this. I’d add making 3rd party accounts feature full like the current or joint account. Merchant enrichment, more than 90 days history, pay and request, budgeting (included with all accounts added) and tags

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