New bank Monzo has added a new feature, Monzo.me, which allows its users to collect money from their friends and family without having to hand out their account number and sort code.
Monzo are aiming to take the pain out of collecting money with the new feature; each Monzo user can request their own web address which they can then give to anyone they need to collect money from.
Anyone can use the link – they don’t also have to be a Monzo user – they simply have to visit the link and use a debit card or Apple Pay to make the payment. If they do happen to be a Monzo user, then the link will open the app on their phone (assuming they visit the link on their phone) for even easier payment direct from their Monzo account.
This new feature is totally free for both the Monzo user and for the person sending the money, and the money is instantly credited to the Monzo user’s account.
There are a few rules to prevent Monzo.me being used for fraudulent purposes:
- The maximum amount you can request is £100.
- The minimum amount you can request is £1.
- You are only allowed to have up to £1,000 paid in to your account using your Monzo.me link per 30 day rolling period.
- You cannot receive more than £500 from one debit card per 30 day rolling period.
Monzo.me is now available for iOS users of Monzo (check out the Requests tab in the Contacts section of the app) – you’ll need to have verified your account with a picture of your photo ID and a selfie video before you can use it. It’s not currently built in to the Monzo Android app, but there is a workaround for Android users which allows them to use it too.
Monzo also recently launched payments on their Android app too.