Challenger banks add location-based payments to mobile apps

UK banks are trying out location-based P2P payments — Tearsheet — “On Friday, Revolut introduced a feature called ‘Near Me’ which lets its customers find other Revolut customers using the same feature and send them money without knowing their contact details. On Monday, Monzo rolled out a capability called ‘Nearby Friends’… When the user opens Nearby Friends, Monzo generates a token representing the user through its API, which is then sent to Google Nearby through Bluetooth on the user’s device to ‘broadcast’ it to other Monzo apps within a 90-foot radius.”


UK challenger bank Monzo lets account holders save funds in flexible pots

Launching Pots! — Monzo — “To help you save for specific things, we’ve created Pots: a simple way to set money aside within your main Monzo account. Whether you’re planning a trip around the world, looking to buy a new laptop, or simply saving for a rainy day, pots can help you work towards your modest goals and grandest plans… Creating a pot takes seconds, simply give it a name and add an image… You can set up multiple pots for different purposes, and see an overview of all your money under the Account tab in your app.”




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