Monzo to offer cash deposits via PayPoint

Source: Monzo

PayPoint has announced today that challenger bank, Monzo, has chosen PayPoint’s cash payments solution for its current account holders. Beginning Wednesday 21 November, customers will be able to deposit up to £300 cash directly into their Monzo account in a single transaction at any of PayPoint’s 28,000 convenience stores nationwide.

Monzo joins the growing list of challenger banks and fintechs, including Pockit, Monese, Tide and U Account, that have chosen the PayPoint network to offer their customers a cash deposit solution.

Monzo is the UK’s biggest digital challenger bank, with more than one million people already using its hot coral debit cards to spend and manage their money. The partnership with PayPoint gives Monzo customers access to a network of stores bigger than all banks, post offices and supermarkets combined. That means they can now pay cash into their accounts conveniently, wherever they are in the UK.

Tom Blomfield, CEO at Monzo, said: “Our goal is to give our customers more convenience and control over their money. And by partnering with PayPoint, Monzo customers will be able to pay cash into their accounts at shops that are easy to access and open when they need.”

Lewis Alcraft, Commercial Director at PayPoint, said: “This exciting partnership with Monzo is significant as it offers its digital-only customers physical-world options - it’s about giving people more control and making life easier. With over 99% of the UK population living close to a PayPoint store, this convenient solution allows Monzo’s customers to deposit cash, early ‘til late, 7 days a week.”
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Comments: (5)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 14 November, 2018, 15:03Be the first to give this comment the thumbs up 0 likes

Cash and Challenger Banks? Aaaargh. Sorry to maul metaphors but why does this cash thingy keep coming back like a bad penny? 

A Finextra member
A Finextra member 16 November, 2018, 10:04Be the first to give this comment the thumbs up 0 likes

WP: A lot of Monzo users refused to close legacy accounts until this was in place.  Now they're all complaining that it costs £1.  Monzo have said that they'll review the charge if it is not over-used.

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 16 November, 2018, 16:34Be the first to give this comment the thumbs up 0 likes

@WP: Any idea if this feature was demanded by the retail customer or by small businesses who still have a lot of cash transactions? 

A Finextra member
A Finextra member 16 November, 2018, 16:38Be the first to give this comment the thumbs up 0 likes

WP: Monzo don't currently offer business accounts.  It's really people who get paid in cash (casual labour, etc) or people who get a lot of birthday money - that sort of thing.  Casinos still tend to pay out in cash too!