40% of all payments in the UK are still made using cash
Monzo users can now deposit cash. Source: unsplash.com
British mobile-only bank Monzo partnered with PayPoint to allow users to pay cash into their Monzo accounts.
People often use PayPoint to pay for their utilities, like TV licenses or electricity bills. It’s available in more than 28,000 corner shops, convenience stores and other retailers across the UK. And lots of locations are open early ‘til late, seven days a week.
PayPoint stores across the UK. Source: monzo.com
Here are guidelines on how to pay cash into your Monzo account:
- Go to any shop that displays the PayPoint logo;
- Give your Monzo card and your cash to the shopkeeper, who’ll use their PayPoint machine to start making the deposit;
- They’ll give you back your card with a receipt, and the bank will send you a notification immediately to confirm you’ve made a deposit;
- You’ll see the money in your account 10 minutes later, once PayPoint has checked everything’s okay with the deposit.
Screen showing how a cash deposit appears in your transaction feed in the Monzo app. Source: monzo.com
The bank will charge £1 for each deposit (a minimum of £5 and a maximum of £30).
