- Customers will have a 10 to 60 second window to undo a payment
Monzo customers who send a payment in error will now be able to claw it back before any money leaves their account… if they act quickly.
The digital bank has launched a new feature called ‘undo payments’ allowing customers to reverse an incorrect payment.
Nearly a third of people have made a payment mistake in the last year – whether by accidentally adding an extra zero or sending money to the wrong person, Monzo research suggests.
It claims Britons send £825million of error payments annually.
The new feature gives customers to the chance to cancel a bank transfer within a 10 to 60 second window after it’s made.
Reversal: Monzo customers can now cancel a payment if they sent the wrong amount or to the wrong person
When Monzo customers are making a payment, a 15-second timer will appear on the payment confirmation screen with an option to undo the payment.
The customer can tap the ‘undo payment’ button in that window, or from the home screen or payment detail screen before the timer runs out.
As soon as the user hits the button, Monzo will stop the payment from being sent. The money never leaves the account.
Customers can set how long the undo payments timer lasts for, choosing a timer of 10 seconds, 15 seconds, 30 seconds or 60 seconds, or they can turn the timer off all together.
Monzo personal and business current account customers will be able to use the new feature.
Over three quarters of people who made a payment error realised they’d made one within a minute of it happening, Monzo research found.
Trying to retrieve a mistakenly sent payment from a bank can be a long process.
There’s no guarantee that a customer will get anything back. Almost a third of people have been left out of pocket due to a wrongly sent payment, Monzo research found.
Andy Sacre, head of payments at Monzo said: ‘We know it’s important to be able to send money quickly and easily – but we also know that mistakes can happen.
‘We’re bringing the best of banking and technology together to solve that problem for our customers, with this simple yet powerful feature.’
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