The card payment offerings are only available to customers who subscribe for the monthly Monzo Plus and Monzo Premium offerings, which can be installed via the Monzo app. The digital bank has 5.5 million Monzo account holders in the U.K., according to its website.
Monzo Plus and Monzo Premium pay account holders interest on balances and offer the ability to use up to five virtual cards at a time, among other features. The offerings are compatible with Apple Pay and Google Pay.
Touted as a way to set aside funds for travel or a special occasion, the Monzo accounts give users more control over how money is spent. All regular payments can be consolidated and kept apart from remaining pots, which can be earmarked for recreational spending, or saving for a trip.
Monzo Bank is a mobile-only bank based in the U.K. It was originally operated through a mobile app and a prepaid debit card. In April 2017, its U.K. banking license restrictions were removed, enabling it to offer a current account, according to PYMNTS.
In addition to offering more banking options, Monzo is said to be eyeing a move into the buy now, pay later (BNPL) arena.
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Read more: Report: Monzo Jumps Into BNPL
Monzo’s BNPL launch is expected to feature affordability checks for customers and will also share customer data with credit-checking agencies.
In a PYMNTS ranking of digital banking apps, Monzo has consistently held onto a spot in the top five. Scoring factors include channel coverage, up-to-date downloads, monthly average users, sessions per user and average session length.
Related: PYMNTS.com Provider Rankings
