When will Monzo support Apple Pay?

After one to many gins over Christmas l ordered an iPhone X (after being a committed Android user for years). One thing l really do like is Apple Pay. To my senses (now absent of gin) it is better than Android pay, more consistent in responsiveness and quicker at point of sale. Nothing scientific but l do find the Underground touching in that little bit better.

I do look forward to when Monzo works with Apple Pay.

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So I just decided to go food shopping and halfway to the supermarket guess what I realised Iā€™d left in the hallway? Thatā€™s right, my purse. And guess who saved the day (again).

Waitā€¦

Now Iā€™m focused on thisā€¦ I can no longer play the ā€˜iā€™ll leave my purse at home so I donā€™t buy expensive itsu lunches at Ā£9ā€™. So actually Monzo, donā€™t bother we donā€™t need Apple Pay!

Iā€™ve just realised Iā€™ve circumvented my grocery allowance for the month!

Ugh what to do, leaving your phone at home isnā€™t exactly an option is it :frowning:

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Because I can use it on my Apple Watch. Itā€™s a huge convenience to just tap a button twice and pay with something always attached to my arm.

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Some websites on my MacBook have Apple Pay incorporated too. I just select Apple Pay at checkout then pay with my fingerprint. Itā€™s typically apple to have a streamlined and intuitive way of doing things and theyā€™ve nailed it with Apple Pay,

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Itā€™s just easier.

I often have my phone in my hand when Iā€™m paying for something, itā€™s just easier to tap with that than have to get out my wallet and find my card.

Also when shopping online on my Apple devices I can press 2 buttons and the payment is made. I suppose Safari does a good job of remembering cards, which makes it easy but still not as easy as Apple Pay.

Plus, before the Monzo days it was handy for instant transaction notifications.

Oh and the amount of times Iā€™ve gone out without my wallet and need to buy something, I never go out without my phone so thereā€™s that too!

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I only just upgraded to an iPhone 7 recently so never had the opportunity to try it out.
Iā€™ve always been extremely sceptical :face_with_raised_eyebrow: of the whole paying with your phone thing but wanted to try it out so opened a starling account yesterday.

Iā€™ve now decided that i like it a lot after only 1 transaction and have just rethought my priorities. Iā€™ll be using starling more until it gets rolled out by Monzo. I just hope itā€™s soon, would prefer to have all my spending in monzo

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Yes, this is my main reason for preferring Apple Pay. It is much more secure, using a randomly generated, one-time card number to complete the transaction. Meaning my actual card details are never handed over to the merchant.

Also the ā€˜dingā€™ is really satisfying.

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This is a common Apple Pay myth. The number is neither truly random nor one-time. The DAN is created by the issuer following the EMV Tokenisation Framework, and generally persists as long as that card is on that device without being removed and re-added.

One one-time random number is the transaction cryptogram, just like in any EMV transaction. Apple made this out to be a benefit of Apple Pay, itā€™s not, itā€™s a benefit of EMV. For contactless magstripe mode a rotating CVC/CVV (much less secure) is used instead.

P.S. Thatā€™s not to say there arenā€™t security benefits, but theyā€™re pretty minimal. The privacy benefits are far greater - the biggest one being that you can use contactless (and thus, not transmit your name to the merchant) for any amount.

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Some people (copule of millions) get excited just hearing ā€˜Appleā€™ word :grin:
Anyway, I am not sure as I donā€™t use iDevices, but I think it might be the only option to pay contactless with phone or watch.
I am Android guy and my bank (Barclays) has an option to do contactless payments via their app. It was even enabled before I noticed launch of Android pay so I am not bothered by Android pay it self as a comparable feature.

Please, can someone using iDevice clarify if Apple ā€˜screwā€™ users over (again) by restricting phone payments only to Apple pay?

They do have that restriction, yes, but honestlyā€¦ it improves the customer experience.

The Barclayā€™s app experience is inferior to Apple Pay or Android Pay:

  • Ā£30 no CVM limit for single-tap (compare to unlimited single-tap CDCVM with fingerprint/pre-entry of PIN for Apple Pay and Android Pay).
  • Ā£100 limit for double-tap with PIN verification (yes, even using the PIN, they limit you to only Ā£100).
  • Forces itself to be your default payment app, doesnā€™t allow you to use it at all unless you make it your default.
  • Puts a persistent notification in your status bar.

The Barclayā€™s app is exactly what Apple is trying to avoid. Yes, Apple benefits from it - but so does the customer experience. Thankfully, as Iā€™m also an Android user, most banks have not gone this path and do support Android Pay. Even American Express (whose app was much better than Barclays) gave in and started supporting Android Pay in the UK a few months ago. Thereā€™s enough competition that most banks are smart enough to realise not supporting Android Pay hurt them. My Barclaycard used to get used a lot. Now, I rarely touch it.

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The security/convenience thing is primary for me, as someone who has had their card cloned/card details stolen at least 3 times now, the fact that there is no pin or card number to pinch is a huge deal for me.

The second thing is that it is a huge timesaver for app transactions, saving you having to enter your details over and over again while also being protected by biometric security.

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Convenience for sure. As a Londoner I can go without an oyster and wallet around the city with just my phone or watch, and I can leave my wallet behind. I can also get over Ā£30 limits and not need to worry about carrying an extra device on me. I feel safer walking around at night without a bulky wallet in my back pocket. I donā€™t need to worry about my contactless card because Apple Pay uses such seamless authentication, and I enjoy having a lit of my purchases just being shown to me in the Wallet app and not in a separate app.
Buying stuff in-app or on the web is a lot more quicker too and I donā€™t need to do that run around my house looking for a wallet when I canā€™t remember the security code on the back. That ā€˜Buy with Apple Payā€™ button sure does come in handy.

ā€¦but I think the biggest ā€˜fixationā€™ is that Monzo havenā€™t really been transparent with why it hasnā€™t been supported yet. Picture this, you have a bank ā€˜reaching outā€™ every now and again regarding ATM fees and overdraft rates, and yet you ask about Apple Pay and the response is a cold sweat; ā€œWe have no information on Apple Pay right nowā€. Itā€™s a mixed message. A bank thatā€™s built around a community has blank spots when asked about certain features. Does that really help customer confidence? Personally Iā€™m giving until mid February for Apple Pay implementation until I just close my monzo account and transfer all my money out. I expect a bit better from ā€˜the bank of the futureā€™

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It has already been said that they canā€™t talk about when it may be introduced due to the restrictive nature of agreements with Apple. Implementing Android Pay did not have the same restrictive agreements as Apple have and hence they could be more open about that. Even when a company is committed to transparancy and openness if contractual, and hence legal, agreements with a third party are restrictive you still have to abide by them even if it contrary to your ethos.

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That has been community membersā€™ assumptionā€¦

Starling did announce in advance that is working on it, even did a quick video on their testers using it in Pret-A-Manger if I remember correctly, so the NDA might not be as restrictive as everyone assumes. It could be just that it is not on their priority list or even maybe that they donā€™t want to implement it yet as they will get smaller cut of each transaction as a result and Iā€™m assuming once they introduce it most people are going to use it thus it might impact their revenue.

Obviously more information on the matter would be ideal, but I guess we shall see what happens. :slight_smile:

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Agreedā€¦ The suspicion I get is that banks are probably allowed to talk about it once they have an agreement with Apple. Plenty have announced it is coming soon.

I donā€™t want to read too much into that, though.

Maybe so. Itā€™s worth remembering that Monzo are building two parts to Apple Pay though, as a Bank and as a Payment Processor. The NDA may cover the Payment Processor side and restrict Monzo from talking about it at all. Starling are using a third party processor that has support for Apple Pay already.

I doubt that. Monzo have made it clear in the past they take on board customer feedback. And itā€™s the most upvoted thing on the Monzo Transparent Roadmap. Itā€™s even been upvoted more than the current account.

The amount a bank receives for card transactions is negligible, really. Not to say it isnā€™t a valid point, but I find it highly unlikely Monzo would hold back features to save money when the introduction of a feature would create growth (which is I imagine, their focus at the moment). Foreign ATM withdrawals and card topups cost them a lot more than splitting a transaction with Apple would.

Thereā€™s no good reason Monzo would be intentionally delaying, holding back or not building a key feature like Apple Pay. I think itā€™s clear (even with their silence) theyā€™re working on it as a priority.

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In the UK. Monzo have already said the US - where both interchange and Appleā€™s cut are much higher - is their next market. Of course with the higher interchange theyā€™ll still make far more even after Appleā€™s cut.

For me, the big thing with Apple Pay is the length of time it seems to be taking. Once we have Apple Pay it would be interesting to see what the reason is for it taking so long, whether thatā€™s Apple or Monzo wanting to shut down prepay first etc.

Although that would probably put Monzoā€™s transparency to the test if it is to do with Apple

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Not having to remember my wallet when I go on lunch.

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Apple Pay works on the London Underground, when me and my gf went to London you just tap your wrist on the gate and it just simply lets you in and then you tag yourself out. No having to buy tickets in advance or set up any Oyster cards nothing. Just a simple tap in and tap out the convenience makes it so worth it.

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