Monzo Launches New Bank App Feature That Lets Customers Undo Payments

The undo payments feature – which is being rolled out to banking Customers from Today – Provides a Customisable 10 to 60 Second Window That Allows to Cancel A Bank AFTER AFTER CONFIRMING IT

Monzo Has Launched an Industry-First New Feature to Its Banking App, WHICH WILL ALLOW ITS 12 MILLION CUSTOMERS TO UNDO ACCIDENTAL PERYENTS.

The undo payments Feature – which is being rolled out to banking Customers from Today – Provides a Customisable 10 to 60 Second Window That Allows to Cancel A Bank AFTER AFTER CONFIRMING IT. The Feature will be available to all monzo customers over the coming months

Monzo Says Around Three-Quarters of Brits Who Make a Mistake Wenm Money Notice It With A Minute of Sending It. The Banking Giant Says The Tool Will Also Provide A “Moment of Pause” if someone has been trickened intosing a payment to a scammer, allowing say to stop the money is sent.

The new feature is designated to be a “Comfort blanket” in moments when a mistake has ben made a paying as customers have the opportunity to fix their Mistake, or Change their Mind.

New Research from Monzo Revealed that Almost One in Three Brits Have Either Sent Money to the Wrong Person or Sent the Wrong Amount in the Last Year. Overall, Around £ 825Million was Sent by Mistake, and Two-Thirds of Brits Said the Wrong Amout Sent Due to A Simple Typing Error, Such as Adding an Extra Zero.

The online bank admonted that trying to retrieve a mistakenly sent Payment from any bank was usually a “long and frustration” process. They Also Said there was “no guarantee” customers would get anything back at all. Monzo’s Research Found That Almost a Third of Brits Had Been Left Out of Pocket Due to A Wrongly Sent Payment.

Andy Sacre, Head of Payments at Monzo Said: “We know it is imported to be able to send Money Quickly and Easily – but we are also know that cannon can, wherehr that is seduction to someone or paying the work.

In another industry-free, we’re bringing the best of banking and technology together to solve that problem for our customers, with this sympley yeet pawerful that they can be monzo more and safely than ever before. “

How does monzo’s undo payment Feature Work?

Under the new undo payment feature, we bank transfer is made, a default 15-second timer will appeal on the payment confirmation Screen with an option to undo the payments.

The Customer Can Tap the “Undo Payment” button there, or from the home screen or payment detail screen before the timer runs out. Once clicked, Monzo Will Stop the Payment from Being Sent and the Money Will Not Leave the Customer’s Bank Account.

Customers Can Choose a Longer Period of Time to Undo Payments, Either 10 Seconds, 15 Seconds, 30 Seconds, Or One Full Minute. Howver, They Can Also Choose to Turn the Service Altogether .. Customers Can Find Out More About The New Undo Payment Feature on Monzo’s Website TIMES.