On Monday, UK-based fintech startup Monzo announced the launch of its new feature, Monzo-to-Monzo payments. This news comes less than a week after Monzo announced customers are now able to use Android Pay for their accounts. According to Monzo, the Monzo-to-Monzo payments allows users to send money to friends with just their phone number. This makes it easier for users to pay their bills and even split the tab easier:
“From here, you can send bank transfers to other bank accounts through Faster Payments, set up recurring standing orders, schedule bank transfers for the future and send quick Monzo-to-Monzo payments. We even store a list of your recent payees, so you can easily send money to the people you need to most!”
Monzo also explained that over the coming months users should see further updates, including the ability to search your contacts, set favorite contacts and even group contacts together. The company then added that users that are on the Current Account Preview will receive instructions in the next week on how to close their prepaid accounts and transfer money/transaction data over so that they an use one single app. Users that have Monzo prepaid cards (Alpha, Beta, or Investor) will receive notification in a few weeks about how to upgrade their current accounts for free.