Monzo has proven to be a rather interesting challenger bank. In fact, the institution introduces some interesting changes on a regular basis. Their latest venture comes in the form of peer-to-peer payments, a feature which has been touted for some time now. It is only normal bank customers deserve to conduct transactions in a peer-to-peer fashion. It makes a lot of sense and offers a high degree of convenience for all parties involved.

It’s always interesting to see what Monzo comes up with next. The bank has been working on some interesting solutions since launching a few years ago. Their latest venture focuses on peer-to-peer payments for all of its users. This new feature can be used through the Monzo.me service platform. It is a customized payment link which allows for direct P2P payments between Monzo users all over the world.

Another Bold Move by Monzo

Similar functionality exists for other services as well. PayPal, for example, introduced the PayPal Me service quite some time ago. Most banks do not take kindly to peer-to-peer payments, for some reason. It’s easy to integrate and only makes things easier for their customers. ¬†Monzo is now taking a similar approach. Their service is compatible with debit cards, Android Pay, Apple Pay, or a Monzo bank account. Cross-platform functionality can only be considered to be a good thing in this regard.

What makes this service so appealing is how users don’t need a Monzo account to send you money. Instead, the only requirement is for the recipient to be a bank customer. Moreover, there’s no further need for the exchange of account numbers or sort codes. The service is quite convenient and seems to work rather well. Once the link is dedicated, it can be shared in any way one can imagine. There is even an option to add a note or memo, for example. Costs can also be split in terms of transaction costs, which is pretty interesting.

As one would expect, fraud is a real concern for such features. In the case of Monzo, they limit every transaction to 100 GBP over 30 days. It makes a lot of sense to keep this limit rather low, for the time being. It is in the best interest of all users to ensure fraud cannot occur. Moreover, receiving more than 1000 GBP in the same 30-day period is impossible as well. It is possible these limits will change in the future, though.

Header image courtesy of Shutterstock

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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