{"id":345,"date":"2025-05-14T09:18:19","date_gmt":"2025-05-14T09:18:19","guid":{"rendered":"https:\/\/alaskanativeowned.com\/?p=345"},"modified":"2025-05-16T16:07:14","modified_gmt":"2025-05-16T16:07:14","slug":"monzo-customers-given-option-to-undo-payments-in-industry-first","status":"publish","type":"post","link":"https:\/\/alaskanativeowned.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 width=\"646\" height=\"363\" src=\"https:\/\/alaskanativeowned.com\/wp-content\/uploads\/2025\/05\/SEC_251192259-f5c9.jpg\" class=\"article-image wp-image-23083330\" alt=\"First &#039;undo payment&#039; feature introduced by Monzo\" loading=\"lazy\" \/>\t<\/div><figcaption>It was called a &#8216;comfort blanket&#8217; 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 class=\"sponsor-image\" src=\"https:\/\/metro.co.uk\/wp-content\/themes\/metro\/includes\/site-blocks\/article-audio\/assets\/powered-by.png\" alt=\"Powered by\" data-rewritten=\"false\" \/><\/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-682761b8452dc\">\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&#8217; 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 &#8216;undo payment&#8217; 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&#8217;s 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&#8217;ll 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 &#8216;comfort blanket&#8217; 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 width=\"646\" height=\"423\" src=\"https:\/\/alaskanativeowned.com\/wp-content\/uploads\/2025\/05\/SEI_251197752-afe2-e1747214920277.jpg\" class=\"article-image wp-image-23083964\" alt=\"First &#039;undo payment&#039; feature introduced by bank\" loading=\"lazy\" \/>\t<\/div><figcaption>How the new feature looks, asking customers: &#8216;Made a mistake? Undo this payment&#8217; (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 &#8216;Undo Payment&#8217; button there, or from the Home screen or payment detail screen, before the timer runs out.&nbsp;<\/p>\n<p>As soon as the user hits that button,&nbsp;Monzo&nbsp;stops 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.&nbsp;<\/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 &#8216;undo payment&#8217; 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 width=\"646\" height=\"843\" src=\"https:\/\/alaskanativeowned.com\/wp-content\/uploads\/2025\/05\/SEI_251198217-6a6c.jpg\" class=\"article-image wp-image-23084029\" alt=\"First &#039;undo payment&#039; feature introduced by bank\" loading=\"lazy\" \/>\t<\/div><figcaption>If you change your mind, no worries (Picture: Monzo)<\/figcaption><\/figure>\n<p>In terms of how it works, it&#8217;s really more of &#8216;delayed payment&#8217; option, as the payment is not actually made to anyone else&#8217;s 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,&nbsp;said:&nbsp;&#8216;We know it&#8217;s important to be able to send money quickly and easily &#8211; but we also know that mistakes can happen, whether that&#8217;s sending the wrong amount to someone or paying the wrong person. <\/p>\n<p>&#8216;In 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&nbsp;Monzo&nbsp;more confidently and safely than ever before.&#8217;<\/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&nbsp;authentications in their app meaning&nbsp;new 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 &#8216;comfort blanket&#8217; for customers (Picture: Getty) Listen to article Listen to article Your browser does not support the audio element. If you ever get buyers&#8217; remorse after paying for things like a gigantic Snorlax, TukTuk, or even a bus, help is at hand. Monzo Bank have introduced an &#8216;undo payment&#8217; feature [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"https:\/\/alaskanativeowned.com\/index.php\/wp-json\/wp\/v2\/posts\/345"}],"collection":[{"href":"https:\/\/alaskanativeowned.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alaskanativeowned.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alaskanativeowned.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/alaskanativeowned.com\/index.php\/wp-json\/wp\/v2\/comments?post=345"}],"version-history":[{"count":3,"href":"https:\/\/alaskanativeowned.com\/index.php\/wp-json\/wp\/v2\/posts\/345\/revisions"}],"predecessor-version":[{"id":351,"href":"https:\/\/alaskanativeowned.com\/index.php\/wp-json\/wp\/v2\/posts\/345\/revisions\/351"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alaskanativeowned.com\/index.php\/wp-json\/wp\/v2\/media\/347"}],"wp:attachment":[{"href":"https:\/\/alaskanativeowned.com\/index.php\/wp-json\/wp\/v2\/media?parent=345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alaskanativeowned.com\/index.php\/wp-json\/wp\/v2\/categories?post=345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alaskanativeowned.com\/index.php\/wp-json\/wp\/v2\/tags?post=345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}