Monzo, Revolut and another bank have been totally blocked from contactless transactions although it’s not clear if it’s all contactless or just via apple and Google pay, ( I assume people are removing and adding the card to get a new virtual card number)
Can’t be MasterCard compliant but moving to a cash only system for some transactions interesting considering chip and pin still exists.
Transit companies can get access to the real card numbers even with Google and apple pay so how about they do that and block those offending cards if that’s possible to do in real time though.
Don’t think it’s a matter of fact checking. It’s a perception issue and it’s been played true to life, for presumably a gag (haven’t seen the show yet).
Almost everyone I’ve come across who doesn’t use Monzo currently but knows about them still think they’re this. And of those few who do know they’re a licensed bank still don’t think of them that way, or not like a proper bank.
My guess would be that the point is the fact this is comedy is because of the perception.
If you replace it with any major bank it isn’t funny. It’s only funny because enough people see Monzo as a spending card or for those who can’t get a “real” bank account.
Similarly, not sure if it was mentioned at the time, but in Ladhood either Series 1 or 2 there was a line ‘I will Monzo you the money’, to which the reply was ‘I don’t have Monzo’ followed by the first character saying ‘neither do I’.
I think it depends, right? Don’t forget, there are folks who expressed that the time it took us to go from pre-paid to fully licensed bank may have been a mistake, and that it doesn’t seem to have harmed Revolut. Or in the US, Cash App which is eating up market share in spades as an e-money institution.
It’s a barrier if the only strategy remains getting more people to use Monzo as a primary account. But at this stage in the game, I think Monzo probably has the breathing room and resource to be running concurrent strategies that aren’t competing with each other.
Ultimately, the market dictates how the product gets used, not the company. And I think there’s room for Monzo to be both a primary account for some people, as well as a useful, profitable service for others even if it’s not their primary account.
Not really media, but this morning I got an email to say Novus, the “UK’s first B-Corp certified neobank” is closing to customers. In their email, they recommend customers move to Monzo, which was great to see
