Will Monzo offer cheque books?

Monzo Chat
61

I have had eBay customers ask to pay with them but I declined to accept them

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62

Personally I would’ve accepted after adding a huge processing fee on top. :wink:

63

Postal order widely accepted for use via the internet??? They went out with Noah and the Ark!!

Who for one minute thinks they’re free to process anyway??

Card payments have to be cheaper than all of the above. It’s a matter of education. PayPal charge a pretty high fee and no one seems to mind paying by them. Card payments are probably the cheapest option of all.

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64

Why, when Paym exists? App to app (using a pre-verified mobile phone number) is the way forward.

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65

Paym is not universal (everyone around the world has a Visa/MasterCard/Amex, PayM is UK-only) and not really secure either (a fraudster could temporarily take over your number via SS7 exploits and receive the confirmation text to register it with his own bank account).

Not to mention, I might want to pay someone without actually giving them my phone number.

Finally PayM requires the payer to interact with an app which is way slower than just tapping a card, not to mention they could be with a legacy bank so the awful app will make the experience even worse. I have Monzo and despite the app being great I don’t really enjoy making faster payments - I’d still much prefer just using my card.

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66

I guess that can be tailored to businesses if they provide a PAYM mobile number.

It could be a good plan going forward. At least PAYM has the full backing of the banks, so chances are it will succeed.

67

Maybe this could be adapted. I believe you only exchange a 6- or 7-digit code, or scan a QR.

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68

Backing of legacy banks isn’t something to be proud of - in fact it might kill the whole idea if the legacy banks offer a dreadful service through their app and people will associate “PayM” with “shit” and at that point good luck turning that opinion around. I imagine a lot of people will be frustrated having to “enter the 3rd, 4th and 6th digit of your pass number” every time they want to pay someone with PayM.

69

I still don’t see what problem they’re trying to solve here - paying people/businesses electronically is already a solved problem and it’s called credit/debit card. The only improvement left is to make it easier for individuals to accept them and not replace it with 10x competing standards that require their own app and stuff…

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70

Good luck with getting Mastercard and Visa to allow people to accept cards, and agreeing to all the associated terms and conditions, and tariffs.

People already log into their banking apps every day with no hardship, mostly, I imagine, using their thumbprint.

71

I don’t see why not - it’s essentially more money for them due to processing fees - why would they ever say no to free money? iZettle and Square and PayPal are already making it easy - if challenger banks build that into their package (with the card acceptance T&C’s part of the overall terms the user accepts when opening an account) I can see a lot of people using this.

72

PayM and PayByBank are two different systems using different tech behind the scenes

73

I doubt “mostly”.

I would assume the majority of UK users of banking apps use PIN or password to log in

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74

Yep - don’t underestimate the proportion of cheap and outdated Android devices with no fingerprint sensor.

75

I don’t care if it has one or not but it annoys me how few have NFC when it is such an easy thing to use

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76

I work with many companies that still accept postal orders, for some of them cheques are still a big part of day to day business.

In the southwest we have plenty of dead spots for phone connectivity and poor broadband where using a card system just isn’t feasible and cash and cheques will stick around even years after the connectivity issues are resolved.

There’s also a whole generation of people who barely use phones, and prefer to see a person face to face in a bank to deal with their money. I know these aren’t Monzo’s market, but these people still exist and they still use cheques.

There’s places around locally that take card payments on card parking machines (because the coin mechs don’t get updated so the cash support is poor). You can be waiting over 5 minutes for that machine to connect and process your card payment, it feels like a lifetime, and the people waiting behind you aren’t too impressed with the delay either.

77

I paid it into my old fashioned bank branch.

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78

But I’m guessing the whole idea of Monzo will be to have that as my sole account. Why do I want a legacy bank account open as well? Just to pay cash and cheques into?

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79

All you need to do is send a faster payment which takes all of two seconds to your legacy bank and then write a cheque from that.

Or get cash out.

80

Not just to pay cash and cheques into. There’s postal orders!

Legacy banks also offer interest on current account balances. They have indoor CCTV monitored ATMs and a range of different current accounts with varying levels of benefits.

They offer a range of potential benefits that Monzo clients might like.