There have been several redesigns of the Monzo card but I have a different spin… don’t send a card to everyone.
Several people I know who have Monzo, including myself, use Monzo for transactions only using Apple Pay/Google Pay. My idea is to add an opt in process for physical cards, cutting cost for Monzo’s production of them.
For example, in the sign up you have a “do you need a physical card?” Option and if so it triggers the order for a card as normal, if not you just go in app ad use the “Add to Digital Wallet” option.
This may seem a crazy idea to most of you but I thought I would put it out there. It has some positives such as making you think before spending, limits your total spend ability per transaction etc.
Going forward if Digital Wallet Payment limits are scrapped across the board - this could actually alleviate the need for a card other than for ATMs - so if you are unlikely to pay in via Paypoint or take out cash via an ATM then you wouldn’t need a card… DD’s don’t need a card, Salary Payment doesn’t need a card, Standing Order doesn’t need a card… and show numbers in app now means online purchases doesn’t need a card.
Crazy concept I know… thoughts?
Edit: As a side note, Monzo could always offer cash withdrawals via ATM to cardless people with a deal to provide something along the lines of NatWest’s “Get Cash” in the app where you use a unique one-time code to withdraw cash from an ATM in an emergency.