Will the features be the same when mondo becomes bank

(lee) #1

I’ve started using Mondo and the thing I love the most is how up to date the balance is. I didn’t believe it would work with contactless - why does it take days with everyone else?

Anyway will this stay the same when Mondo turns into a bank or is this cause it’s prepaid?
Also how far off being a bank is Mondo now?

(Alan) #2

I am wondering too whether Mondo will continue to offer the current Mastercard to load up as an alternative to running a ‘conventional’ bank account (although I am keen to have a fully functioning current account) - others may prefer this basic as a standalone service (or in addition to a current account)?

(Adam) #3

Most contactless transactions are ‘offline’ where the chip on the card authorises the transaction which results in the 2/3 day wait before showing on your balance.

(Colin Robinson) #4

The roadmap shows Medium Term (next 2-6 months) to get the Banking License with Restrictions (AWR) and to become a full bank Long Term.

(Herp Derp) #5

I hope it does stay the same in terms of instant notifications when they get their license, it’s definitely possible as my Emirates NBD account sends me texts as soon as I’ve made a transaction and that account is a normal bank account.

(tom) #6

The functionality we have now is a subset of what we aim to offer as a bank. I.e., you’ll get everything that’s on offer now, plus much more :slight_smile:

We can offer instant notifications for contactless because we’ve built modern IT systems ourselves. Many of the banks are still running on systems that are 30+ years old, before the internet even existed. They weren’t engineered for the “realtime” nature of the internet.

I wrote about how card payments work on our blog, if you’re interested.

(lee) #7

I did read 3 second sandwich - thats why i signed up :slight_smile:

I’m literally amazed it hasnt been done before - i thought it would be patchy so i’ll ive done is contactless payments and every single one is on the phone within seconds.

You should really push the real time banking thing - have you seen the rants by people on the natwest forum about why this type of thing isnt possible.

I had my hopes on youandb and atom and found mondo by accident so far really glad i did.