Monzo customers may now have up to a minute to decide whether they want a transaction to proceed, thanks to the new payment reversal feature.
UK-based digital bank Monzo has unveiled a new convenient feature for its users, allowing them to undo the payment instruction if they mistakenly selected the wrong amount, recipient, or changed their mind about the transaction in general.
Payment reversal will be available within 15 seconds by default. However, customers may choose to make it longer or shorter, setting the allowed reversal period to 10 seconds, 15 seconds, 30 seconds or 60 seconds.
The feature is important for many clients. According to a recent research Monzo quotes, about one-tenth of UK citizens have accidentally sent money to the wrong payee at least once in their lives. Making mistakes with the amount one pushes to send is also common and hard to mitigate.
Recovering funds from a mistaken bank transfer in the UK can be challenging. This process typically takes up to 20 working days. It goes smoothly only if the recipient agrees to return the money sent by mistake. If they dispute the claim, recovery becomes much more complex and involves a legal action. Therefore, additional time to double-check the transaction might be warmly welcomed by many UK citizens.
The new feature will apply to both peer-to-peer money transfers and payments towards a business account. The recipient will never know you tried to send them any funds if you decide to cancel the transaction. That can be done via the ‘Undo payment’ button on the confirmation screen, the Home screen or the payment detail screen, as long as the reversal timer is still on.
Despite the handiness of the new feature, the digital bank understands the importance of payment speed for some users. Therefore, Monzo customers also have an option to decline the new option altogether. If they ever change their mind, they should visit Privacy & Security settings to turn the feature on again.
The fintech company is taking a gradual approach to the new tool launch. Thus, not all of its 12 million+ customers will see the reversal timer right away. It will randomly appear in some clients’ interfaces at launch and expand step by step, as Monzo tracks user feedback and possible bugs, and modifies the service accordingly. So far, only users from the UK may avail the new functionality.
British banking challenger has been rapidly expanding lately, following a successful 2024 year, when the company not only raised a significant venture capital amount from investors, but also recorded the first profitable year in its entire history. In 2025, Monzo has already debuted a few innovative products and tools, including expense sharing and contents insurance for homeowners and renters.
