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.”




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