Vote for Apple Pay

[steveturnip (Steve Turner)]

Vote for Apple Pay support on scale 1-10

My vote: 10

[alexs (Alex Sherwood)]

It’s on it’s way, in the roadmap, once debit cards have been set up, following :mondo: getting the full banking license .

You can follow this thread for updates.

Apple Pay - Any updates?

Wirecard currently have their own prepay card (Boon) on Apple Pay, are Mondo now closer to supporting Apple Pay now Wirecard have it?

[HoddzDJ]

It’s on the roadmap, highly unlikely to happen with the prepaid cards. Highly likely when we get debit cards.

[anon44204028]

and AndroidPay and SamsungPay?

[alexs (Alex Sherwood)]

Well Android pay is also on the roadmap but more than 9 months away, there’s no mention of Samsung pay…

[anon44204028]

Thanks for your kind reply

[Rika (Scarlet)]

Just dropping this one in too.

Apple Pay Question

Not basing this on anything that has been said at or about Monzo, only Wirecard and Apple but I don’t think you’ll see Monzo in Apple Pay until after current accounts launch in 2017. At the very least, that is where I would put my expectations. Otherwise, it’s quite a lot of integration and paperwork to do and then have to throw most of away to rebuild when the Monzo service moves from being a prepaid card to a full bank. Even if Apple Pay and Android Pay cards with their tokenisation is the en…

tl;dr: Current accounts are sounding so close that by the time Apple Pay was implemented properly, it would be time to scrap and implement it again for the new cards.

[billinghamj (James Billingham)]

Probably depends on whether current accounts will become available to everyone at once, or whether there has to be a gradual beta/roll-out period.

You have to hold capital with the Bank of England to cover any potential missteps. My understanding of this is that the capital requirements increase as you hold more deposits. Therefore, Mondo may have to raise more regulatory capital which could prevent open roll-out.

If this roll-out period is - for example - 6 months, it would still make sense to support Apple Pay with Wirecard.

[Rika (Scarlet)]

You make a very good point there. Ultimately, it does come down to Monzo having the resources to build out two almost entirely separate Apple Pay implementations.

Without giving things away, there are some very good reasons why Monzo would want to own their entire stack in an Apple Pay deployment.

Additionally, I personally feel that if a Wirecard Monzo Apple Pay card would be anything like Wirecard’s own Boon. card, it’s definitely not worth doing. There are so many issues with it beyond the app itself (no in app, web or continuity payment support, very strange settings, weird acceptance rates in stores, not even reading properly on my mock contactless EMV test setup, bugs where it constantly fails to correctly verify and provision on the Watch, etc.) that I question how Apple even approved that card for Wallet.

[alexs (Alex Sherwood)]

@billinghamj

You have to hold capital with the Bank of England to cover any potential missteps. My understanding of this is that the capital requirements increase as you hold more deposits. Therefore, Mondo may have to raise more regulatory capital which could prevent open roll-out.

I’m hopeful that current accounts will be available for all, as soon as :mondo: becomes a ‘full’ bank.

Tom’s said that the next fundraising round will be for the

@tom

£15-£20m we’ll need to open our doors next year as a bank.

and judging by the demand for the last round, I’d hope that Monzo will make it. According to yesterday’s story in the FT, Atom has

• 40,000 potential customers aka users

• 2,000 customers with accounts
• 18m in savings balances

:mondo: has a similar number of users but the overdrafts product won’t be ready in time for the launch of current accounts. So there may be less demand for current accounts, although personally I’d be surprised.

So even if the capital ratio for a bank like Monzo has to be 25%, it looks like there’s plenty of breathing space for the first lot of customers to be given accounts…I’m sure we’ll be some of the first who apply anyway

[jsmith300]

Please can a mod add a sticky that answers the Apple Pay question to try and reduce this being asked every other day?

[Rika (Scarlet)]

An official word from someone on the Monzo team would be nice. I can only lower expectations based on what I have access to and that’s all from Apple’s side.

Even if that word is something to the tune of “We would love to do it but not yet”.

[tom]

We do aim to support ApplePay next year as part of the current account product.

But our immediate priority is getting to the point where we can exit mobilisation and launch the full current account in early 2017. This requires account numbers & sort codes, a MasterCard processor implementation, Faster Payments, Direct Debits and overdrafts.

I wrote more about this here:

Launching The Bank

Once these are in place, we’ll be working on ApplePay.

It doesn’t make sense to add ApplePay to our prepaid product now because it requires about 6 months of work with our prepaid card processor and prepaid card issuer. This ApplePay implementation work would not be useful once we’re a bank; we’d end up having to do the work again.

[tom]

@-removed-

Interesting, so you plan on launching with full overdrafts and not just adding that later on?

It’s likely we’ll have the capability to extend overdrafts, but they won’t be widely available for the first few months after launch. We want to take a bit of time to ensure we’ve got them right before we expand them too much.

[AdamH (Adam Hockley)]

okay cant wailt for the full bank

[xoen]

This is clearly an 11

[anon72173902]

It will happen when full accounts arrive

[tommy5dollar (Tommy Long)]

Android Pay is due in 4-5 weeks according to @tom tonight.

[tom]

@tommy5dollar

Android Pay is due in 4-5 weeks according to @tom tonight.

It will go into internal testing sometime next month! Publicly available after that point, if testing goes well