tl;dr Give me a subscription that saves me time. I’m willing to accept the risk and pay for the subscription because the cost of the risk of losing £100 is less than the cost of my time and effort it takes to authorize every single transaction and have to have my phone next to me.
Details: One of the things that I’m willing to pay for is to be able to set a transaction limit that I don’t care much about. For example: I’d like to be able to say that for payments less than £100, I don’t want to be entering my pin for very transaction and I’m willing to accept the loss if I happen to be a victim of fraud.
This is a feature that would make me instantly subscribe to Plus or Premium since it’d make my life easier and save me time.
Extra points if this is customizable or if I can indicate certain transactions (e.g. for my online supermarket transactions).
Why? : Right now I’m asked to enter a pin number on my locked phone every time I happen to buy something online, which is fairly annoying. I.e. I pay something online, I get a prompt on my phone, I unlock it, I open the monzo app, I tap to authorize the transaction and then I enter my pin. It feels like I’m being punished for making an online transaction. I’m ok if someone steals my card details and places a supermarket order of £200. Good for them. They probably need it. Same for random microtransactions of (e.g. £20) or if I move money from my joint monzo account to my non-joint monzo account. All of these are transactions that currently ask me not only to unlock my phone and tap on the prompt, but to also enter my pin.
For all of the above examples, the mere notification on the phone that says that I paid £X to XYZ is enough to recognize a fraudulent transaction.
I’ve been doing online transactions for ~15y now and I have never been a victim of fraud, so losing £100 over 15y is a risk I’m willing to accept (Funnily, the only time I was a victim of fraud was with an in-person transaction, involving a physical card)
I’m sure that there are a number of details and I understand that there’s regulation that asks for the strong authentication. But I’m sure that there’s some middle ground where I can accept a certain risk so that Monzo ends up automatically authorizing my transactions.