Howdy! I’ve recently came to UK and joined monzo aswell, so far so good! But I think it would be a great ideia to implement a system that could generate virtual cards let’s call it “Monzie Cards” .
In Portugal I used to have a similar service called “MB Way” which was very handy for safer online purchases but unfortunately I shouldn’t use it here because my bank account is in Euro and well… fees…
Basically , what I had in mind is an adaptation of that system we use in Portugal to Monzo.
It should work like this:
In Monzo app you would have the ability to generate your own Monzies which are disposable virtual cards that can only be used once, a Monzie would have spending limit set by you, a complete mastercard number, a short expire date and a CVV. After completing a payment that Monzie is expired and cannot be used again.
You could also have the option to generate a Merchant Monzie that can be used multiple times but only be used by specific merchant, this type of Monzie would have an expiration date of your choice with a monthly spending limit or a total limit and can be cancelled at any time. (ie. You could generate 1year Merchant Monzie for Amazon with a monthly cap of 50£ or a total limit of 500£ during 1year)
Heres a pratical example of how to use a Monzie:
Eg1) Let’s say Joe is very tempted to buy some sneakers online but that specific website seems a bid dodgy… Still… Joe is a bit naïve and decides to give them a try but just to play safe he is going to use a Monzo. So Joe generates a Monzie of 45£, insert his details, pays and right after that card is already expired. If the website turns out to be a scam Joe knows they won’t be able to get him anymore than 45£ and his ‘real’ details of his physical card / account are still safe.
Eg2) Joeberg wants to try an online service but he is a busy guy and sometimes forgets to cancel his subscriptions on time, then he always ends up being charged for a service he didn’t wanted after all… Well that’s about to change! Now Joeberg can use a Monzie! Next time Joe uses a free trial that requires payment details upfront, he can simply generate a 5£ Monzee, submit and have some piece of mind because when the trial ends that card is already expired and there is no way he can be charged.
Such service would be great to :
• Avoid giving your real details
• Avoid Losing cards then have to cancel/order new ones
• Prevent phishing scams
• Use on free trials that may charge you without notice
What about refunds for those cards you may ask, well IIRC, refunds can made as long as your main card is still active…
What do you guys think? Share your ideias around this!