{"id":438,"date":"2025-05-14T09:18:19","date_gmt":"2025-05-14T09:18:19","guid":{"rendered":"https:\/\/originalholdum.com\/?p=438"},"modified":"2025-05-16T15:43:49","modified_gmt":"2025-05-16T15:43:49","slug":"monzo-customers-given-option-to-undo-payments-in-industry-first","status":"publish","type":"post","link":"https:\/\/originalholdum.com\/index.php\/2025\/05\/14\/monzo-customers-given-option-to-undo-payments-in-industry-first\/","title":{"rendered":"Monzo customers given option to undo payments in \u2018industry first\u2019"},"content":{"rendered":"<figure class=\"img-container shareable-item wp-caption\">\n<div class=\"img-wrap\">\n\t\t<img decoding=\"async\" width=\"646\" height=\"363\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"article-image wp-image-23083330 lazyload\" alt=\"First &#039;undo payment&#039; feature introduced by Monzo\" loading=\"lazy\" data-src=\"https:\/\/originalholdum.com\/wp-content\/uploads\/2025\/05\/SEC_251192259-f5c9.jpg\">\t<\/div><figcaption>It was called a \u2018comfort blanket\u2019 for customers (Picture: Getty)<\/figcaption><\/figure>\n<div class=\"metro-article-audio-player\" data-vars-type=\"article-audio-player\">\n<div class=\"metro-article-audio-player-play-row\">\n\t\t\t\t<button class=\"metro-article-audio-player-play-button\"><br \/>\n\t\t\t\t\t<title>Listen to article<\/title>\t\t\t\t\t<span>Listen to article<\/span><br \/>\n\t\t\t\t<\/button><\/p>\n<div class=\"img-container\"><img decoding=\"async\" class=\"sponsor-image lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" alt=\"Powered by\" data-rewritten=\"false\" data-src=\"https:\/\/metro.co.uk\/wp-content\/themes\/metro\/includes\/site-blocks\/article-audio\/assets\/powered-by.png\"><\/div>\n<\/p><\/div>\n<div class=\"audio-controls hidden\">\n\t\t\t\t<audio class=\"audio-element\" src=\"https:\/\/metro.co.uk\/wp-content\/uploads\/2025\/05\/Monzo-6ee2.mp3\" controls id=\"audio-68275c1dcb373\">\t\t\t<\/p>\n<p>\t\t\t\t\tYour browser does not support the audio element.<br \/>\n\t\t\t\t<\/audio>\n\t\t\t<\/div>\n<\/p><\/div>\n<p>If you ever get buyers\u2019 remorse after paying for things like a <a href=\"https:\/\/metro.co.uk\/2018\/11\/22\/drunk-man-buys-giant-snorlax-and-then-discovers-it-costs-780-to-deliver-8168188\/\">gigantic Snorlax<\/a>, <a href=\"https:\/\/metro.co.uk\/2019\/04\/22\/man-hoping-beat-speed-record-tuk-tuk-bought-ebay-drunk-9286274\/\">TukTuk<\/a>, or<a href=\"https:\/\/metro.co.uk\/2016\/08\/25\/guy-gets-drunk-in-ibiza-and-makes-most-random-28500-purchase-ever-6090266\"> even a bus<\/a>, help is at hand. <\/p>\n<p>Monzo Bank have introduced an \u2018undo payment\u2019 feature which they claim is an industry first.<\/p>\n<p>It means that if you send a payment and immediately have second thoughts, there\u2019s a way back from the precipice. <\/p>\n<p>The feature could be helpful if someone sends money to the wrong person, types in the wrong number of zeros, or at the last minute realises they have been scammed. <\/p>\n<p>You\u2019ll have to be quick if you want to use the feature, though, as it will only work for up to 60 seconds after the payment is sent. <\/p>\n<p>The Undo Payments feature will begin rolling out to the 12 million Monzo customers from today and will be a \u2018comfort blanket\u2019 giving users peace of mind with their transfers, the bank said. <\/p>\n<div class=\"factbox\" data-ico=\"factbox_article\" data-track-module=\"factbox_article\">\n<h2 class=\"factbox-title\">\n\t\t\t\tHow does the Undo Payment feature work?\t\t\t<\/h2>\n<div class=\"factbox-content\">\n<figure class=\"img-container shareable-item wp-caption\">\n<div class=\"img-wrap\">\n\t\t<img decoding=\"async\" width=\"646\" height=\"423\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"article-image wp-image-23083964 lazyload\" alt=\"First &#039;undo payment&#039; feature introduced by bank\" loading=\"lazy\" data-src=\"https:\/\/originalholdum.com\/wp-content\/uploads\/2025\/05\/SEI_251197752-afe2-e1747214920277.jpg\">\t<\/div><figcaption>How the new feature looks, asking customers: \u2018Made a mistake? Undo this payment\u2019 (Picture: Monzo)<\/figcaption><\/figure>\n<\/p>\n<p>After making a bank transfer, customers will see a timer appear on the payment confirmation screen with an option to undo the payment (the default time is 15 seconds). <\/p>\n<p>The customer can tap the \u2018Undo Payment\u2019 button there, or from the Home screen or payment detail screen, before the timer runs out.\u00a0<\/p>\n<p>As soon as the user hits that button,\u00a0Monzo\u00a0stops the payment from being sent. The money never leaves the account, and the person or business won\u2019t even know that the money was almost sent to them.<\/p>\n<p>Customers can configure the Undo Payments timer, choosing between the following lengths of time to undo a payment, or turn it off all together:<\/p>\n<ul class=\"wp-block-list\">\n<li>10 seconds<\/li>\n<li>15 seconds (default)<\/li>\n<li>30 seconds<\/li>\n<li>60 seconds<\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<p>They shared their research carried out by Censuswide showing that almost one in three Brits (30%) have either sent money to the wrong person or sent the wrong amount in the last year.<\/p>\n<p>The data which studied of 2001 representative Brits highlighted that over three quarters of those who sent a wrong payment (78%) realised they\u2019d made an error within a minute of it happening.\u00a0<\/p>\n<p>This is a major issue: the bank says that over \u00a3825m was sent by mistake in the past year.<\/p>\n<p>Over two thirds of Brits (68%) who this affected claim a simple typing error, such as adding a zero, was the reason for sending a wrong payment. <\/p>\n<p>But trying to retrieve mistakenly sent payments from any bank is usually a long process, with no guarantee of success. <\/p>\n<p>The new \u2018undo payment\u2019 feature offers a customisable 10-60-second window that allows customers to cancel a bank transfer. <\/p>\n<figure class=\"img-container shareable-item wp-caption\">\n<div class=\"img-wrap\">\n\t\t<img decoding=\"async\" width=\"646\" height=\"843\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"article-image wp-image-23084029 lazyload\" alt=\"First &#039;undo payment&#039; feature introduced by bank\" loading=\"lazy\" data-src=\"https:\/\/originalholdum.com\/wp-content\/uploads\/2025\/05\/SEI_251198217-6a6c.jpg\">\t<\/div><figcaption>If you change your mind, no worries (Picture: Monzo)<\/figcaption><\/figure>\n<p>In terms of how it works, it\u2019s really more of \u2018delayed payment\u2019 option, as the payment is not actually made to anyone else\u2019s account until the buffer time runs out. <\/p>\n<p>In recent years, the options for editing things once they have been sent have become more widespread. It is now possible to <a href=\"https:\/\/metro.co.uk\/2023\/05\/22\/whatsapp-will-now-let-you-edit-messages-but-theres-a-catch-18825147\/\">edit WhatsApp messages<\/a>, iMessages and tweets within a certain time frame, whereas in the past you just had to live with the annoying typos. <\/p>\n<p>Andy Sacre, head of payments at Monzo,\u00a0said:\u00a0\u2018We know it\u2019s important to be able to send money quickly and easily \u2013 but we also know that mistakes can happen, whether that\u2019s sending the wrong amount to someone or paying the wrong person. <\/p>\n<p>\u2018In another industry-first, we\u2019re bringing the best of banking and technology together to solve that problem for our customers, with this simple yet powerful feature that ensures they can send money with\u00a0Monzo\u00a0more confidently and safely than ever before.\u2019<\/p>\n<p>Other UK banks have not yet announced similar moves to cancel payments, however Nationwide told <strong>Metro <\/strong>they have continued to invest in digital channels, introducing biometric selfie\u00a0authentications in their app meaning\u00a0new customers can access their current account within minutes, as well as having full digital access to new current accounts within one to three days.<\/p>\n<p class=\"\"><strong><strong><strong>Get in touch with our news team by emailing us at <a rel=\"noreferrer noopener\" href=\"mailto:webnews@metro.co.uk\" target=\"_blank\">webnews@metro.co.uk<\/a>.<\/strong><\/strong><\/strong><\/p>\n<p class=\"\"><strong>For more stories like this, <\/strong><a rel=\"noreferrer noopener\" href=\"https:\/\/metro.co.uk\/news\/\" target=\"_blank\"><strong>check our news page<\/strong><\/a>.<\/p>\n<\/p>\n<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It was called a \u2018comfort blanket\u2019 for customers (Picture: Getty) Listen to article Listen to article Your browser does not support the audio element. If you ever get buyers\u2019 remorse after paying for things like a gigantic Snorlax, TukTuk, or even a bus, help is at hand. Monzo Bank have introduced an \u2018undo payment\u2019 feature [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[20],"tags":[],"_links":{"self":[{"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/posts\/438"}],"collection":[{"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/comments?post=438"}],"version-history":[{"count":3,"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/posts\/438\/revisions"}],"predecessor-version":[{"id":444,"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/posts\/438\/revisions\/444"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/media\/440"}],"wp:attachment":[{"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/media?parent=438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/categories?post=438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/originalholdum.com\/index.php\/wp-json\/wp\/v2\/tags?post=438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}