Monzo and debit cards


#1

Hello

I understand that card issuers (e.g. MasterCard) make money each time a debit card is used in a transaction.

My question, does Monzo also make any money on debit card transactions?


(Leon) #2

They do, not a lot of money on each transaction, we are talking pence rather than pounds.


(Change Works) #3

Not only do they make a small percentage on each transaction, it costs them money when you use an ATM.

So from Monzo’s point of view, making five £10 card transactions is much better than one £50 withdrawal.


(Leon) #4

Don’t you mean that the other way around? If it costs Monzo money when using a ATM then surely they would prefer you to make one huge transaction, and not 5 little ones as you’ve just said.


#5

they said 5 card transactions versus 1 withdrawal, i.e. 5 POS v 1 ATM


#6

Thanks for the feedback, so Monzo income is not just limited to overdraft fees at this time.

I need to do my bit, less cash machines and more card transactions. Right I’m off to spend Monzo on lunch.


(Leon) #7

He changed it after my post.


(Change Works) #8

If he had changed it after your post, it would’ve had an orange pencil icon in the top right hand corner, like this

I accept that I could have made myself clearer, though :+1:


(Leon) #9

I guess he didn’t change it after all. :joy::sob::+1: