Monzo idea 💡

I would love to see Monzo develop a points system, so say for every transaction you accrue points and when salary goes in and direct debits out etc.

Then when your points build up to enough you can redeem for gifts or vouchers etc - personally I love being rewarded and think this would be quite a good idea…

Also on Monzo’s side customers would be more willing to switch their direct debits etc and use their cards more to earn more points

I personally think this would benefit customers and of course Monzo :heart:

Anyone like this idea ? :sunglasses:

They tried this I believe?

I don’t think it went all that well, but it was amongst all the major problems of Plus v1

I’m actually for this as an idea, maybe they could try again?


Ahh your right! Just read that link you sent. Omg didn’t even know they tried this and I missed it :open_mouth:, but yes maybe re-try in that case :slight_smile:

My reading of points is that from a customer point of view, it went well (customers enjoyed earning points and getting their little perks), but the reason it hasn’t gone further (and I’ll admit I’m reading between the lines here) is because in order for points to work as an ongoing service, other businesses need to get involved by offering perks to Monzo users, and Monzo haven’t been able to get businesses involved.

Agree, I was referring to it not going all that well for Monzo, in terms of not being able to get signup. At a customer level it’s a great idea, but it’s like Flux - it’s only useful if you have business saturation

Much as I’d like Monzo to give me free stuff, I doubt that they will, unless it’s part of a packaged account.

I believe they only got Greggs on board because the terms were very one-sided.

Monzo were just buying everyone a sausage roll at full price. It was never going to last.

1 Like

Greggs were never on-board; as you say Mozno were paying for the sausage rolls themselves.

The Greggs offer was entirely to get some actual solid evidence of how people would use points so (a) Monzo could work out if it would be a viable product for them, and (b) so Monzo would have something to take businesses to show them how being part of Monzo points could be of benefit to them. That’s why that particular offer was never going to last, it was simply an information-gathering trial.

This was a fun trial. I got a free Greggs sausage roll :yum:

I was in that trial :raised_hand:

It was good and had lots of potential but as mentioned above Monzo were footing the bill. I think it was a proof of concept more than anything and they could then use that data to show how it drove spending to convince other businesses to participate.

For it to work well they needed big players on board and similar to Flux, I guess they found that it isn’t easy to do this.

1 Like

Can’t believe I missed the trial :joy: surely even if Monzo was fitting the bill for perks wouldn’t they still profit? Because they would have more transactions going through and People’s salaries paid directly in? Or am I missing something :thinking:

I don’t know how much they make from transactions but everyone started with 50 points, so straight off the mark they were at a loss.

They also varied the offers for people. So some people had to spend X amount before they got a sausage roll and others had to do X amount of transactions at Greggs before they got a sausage roll.

All I really remember is all the sausage roll talk as that was the most “achievable”. From skimming through the topic I forgot that they offered Netflix subscription discounts too.

A nice idea but I don’t see it being revisited given the news on losses.

That and I think they need to break through a few more million users before they’d get leverage to get other businesses on board - I get some perks like this with Bank of Scotland but tbh I’ve never really paid much attention. I don’t bank to earn 'points.

I wonder if it could be made to work in that points could be redeemed to gift a set number of plus months to yourself or someone else? (I say someone else, because the hope is that if you’re paying in your salary and DDs etc then hopefully you are already a plus member).