So I also have an HSBC account and it offers some features Monzo doesn’t yet like a saved payees list and cheque imaging which are great. The latest update introduced ‘pay by app’ which appears to be an option for online check out where instead of typing card details are using PayPal you could choose pay by app and simply input a short code into the HSBC app to confirm.
This seems like it might be a good idea and I wondered if Monzo was considering it?
As in?
I think my HSBC is Visa based, but seems Mastercard are at a very early stage with this - only one bank
https://paybybankapp.mastercard.co.uk/how-to-get-it
I think there’s a few that offer it now or will do very soon but yes very much in its infancy. HSBC is visa but the option is in my app as we speak. There isn’t many retailers yet but I’m sure it’ll pick up as it seems nice and secure and easy to use.
When you go to the site how do you indicate what bank and what account to use?
On a separate note it appears HSBC are really taking the threat of Fintech seriously by adding in a lot of app functionality like cheque imaging and in this update also adding info about a companion app with saving pots (I think) though why this needs a different app I have no idea and is a bit of a mis-step. It does claim to offer info about other providers in that connected money app but I have no idea how good that is.
The site gives you a unique code which you put into your banking app.
Is that other app the one for viewing multiple accounts using PSD2?
The app on Android does seem to have improved a bit, but still really slow. Nice that they are making efforts, but get the impression they would not have done so without competition
Agreed, I think the only bank that has tried to stay ahead of the pack is barclays but their proprietary efforts were poor and they are only just recovering now. I don’t know what PSD2 is but that sounds like the plan as I’ve read it. Interesting…
I have a sainsbury’s credit card and they only offer a really poor web interface and no app. It’s shocking in this year to go from using Monzo to that card and is the primary reason I’ll be leaving them very soon. It’s just not good enough!
I don’t understand how to set it up the pay by bank app feature. In the app it asks for a code but with no information on how to get the code
The companion app is HSBC connected money, an account aggregator. There’s a thread about it here
It doesn’t need setting up, the code you input is the code you get from a website that you want to pay.
Have you seen somewhere online a description or demo of the process?
The demo on the homescreen of the paybybankapp website doesn’t involve entering a code.
My HSBC UK app prompted me to set this up today. The only thing is that I’m #FullMonzo for everything except to pay cash in at the post office. This would be really helpful if Monzo did Pay By Bank too. https://paybybankapp.mastercard.co.uk
I think id like this option.