Now they have a facility for payments to be undone - this can be done within 15 seconds ( default time period ) - but this can be adjusted up to 60 seconds.
“That’s good” you might be thinking ! - “but” if somebody shows you they have made a payment or if you see a payment has been received just remember to check back after 60 seconds to make sure they haven’t taken it back !
I’m not so convinced that this is such a good feature ! - it’s open to abuse !
I haven’t had the opportunity to use it yet but my understanding is that the payment isn’t sent until after the 15-60 seconds, so they can’t “take it back” once it deposits in your account?
I understand your concern, but the “undo payment” is kinda misleading slightly.
It doesn’t actually “undo” the payment. Instead, it just delays the payment being sent, giving the sender time to cancel it. Once the money has been received by the other person, it can’t be “undone” using this feature.
As mentioned above, the money doesn’t go anywhere - it’s held.
In terms of being abused, it’s not really any different to how you can dispute transactions now. If you can demonstrate you’re owed the money, you will get it back.
As per the Monzo blog post at Undo payments with Monzo “The person or business you were paying won’t even know that you almost sent them the money.” You mention somebody showing they have made a payment but IMO nobody should ever rely on that as proof of payment, the only proof should be the money arriving in your account.
Just used it and it’s great. Accidentally sent a payment from my personal account instead of joint and was able to undo it and redo it with the correct account. Can’t have the missus avoiding her share!
