has launched an industry-first new feature to its , which will allow its 12 million customers to undo accidental .
The Undo Payments feature - which is being rolled out to banking customers from today - provides a customisable 10 to 60 second window that allows users to cancel a bank transfer after confirming it. The feature will be available to all Monzo customers over the coming months
Monzo says around three-quarters of Brits who make a mistake when sending money notice it within a minute of sending it. The banking giant says the tool will also provide a "moment of pause" if someone has been tricked into sending a payment to a, allowing them to stop before the money is sent.
The new feature is designed to be a "comfort blanket" in moments when a mistake has been made when sending a payment as customers have the opportunity to fix their mistake, or change their mind.
New research from Monzo revealed that almost one in three Brits have either sent money to the wrong person or sent the wrong amount in the last year. Overall, around £825million was sent by mistake, and two-thirds of Brits said the wrong amount was sent due to a simple typing error, such as adding an extra zero.
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The online bank admitted that trying to retrieve a mistakenly sent payment from any bank was usually a "long and frustrating" process. They also said there was "no guarantee" customers would get anything back at all. Monzo's research found that almost a third of Brits had been left out of pocket due to a wrongly sent payment.
Andy Sacre, Head of Payments at Monzo said: “We know it's important to be able to send money quickly and easily - but we also know that mistakes can happen, whether that's sending the wrong amount to someone or paying the wrong person.
In another industry-first, we’re bringing the best of banking and together to solve that problem for our customers, with this simple yet powerful feature that ensures they can send money with Monzo more confidently and safely than ever before.”
How does Monzo's Undo Payment feature work?Under the new Undo Payment feature, when a bank transfer is made, a default 15-second timer will appear on the payment confirmation screen with an option to undo the payment.
The customer can tap the "Undo Payment" button there, or from the Home screen or payment detail screen before the timer runs out. Once clicked, Monzo will stop the payment from being sent and the money will not leave the customer's bank account.
Customers can choose a longer period of time to undo payments, either 10 seconds, 15 seconds, 30 seconds, or one full minute. However, they can also choose to turn off the service altogether.. Customers can find out more about the new Undo Payment feature on Monzo's website.
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