Reward Points - Household Bill etc

Just wondering if you guys think it would ever be possible for Monzo to offer cashback rewards for spending at certain retailers or for household bills like Natwest do.
I saw @Ryan1992 's post:

Natwest experience

but wasn’t sure if this covered the same thing.

Look forward to hearing from you guys!

All the best,

T

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The whole cashback/rewards stream seems to have just been removed from the backlog.

I suppose its not really worth the time and effort theyd put in at the moment when they really need to become profitable.

Sad because its an area id say 90%+ of customers would love.

In the meantime maybe have a look at tail… i believe theyre making some roads on this with Starling :slight_smile:

Unlikely, in order for Monzo to support this the money has to come from somewhere. For most legacy banks it comes from fees. Monzo’s draw is the fact that they are doing things differently. A more likely scenario is that they partner with some Cashback site to reward you for spending, or something similar.

4 Likes

So you’re saying that for example, that Natwest pays fee’s to all those retailers?

I think mainly if Monzo had the household bills cash back scheme it would be better than retailers as it would encourage others to move onto the Monzo platform that can provide the same as current legacy banks such as Natwest.