UK-situated, app based challenger bank Monzo is developing a number of self-exclusion tools for gambling transactions.
In an upcoming upgrade, Monzo clients will be able to block transactions to gambling sites being made on their Monzo account through the activation of a feature in the settings of their app or by contacting the Monzo customer support team.
The activated feature will block any payments the self-excluded client tries to make to gambling merchants whether online and in person through identification of the merchant code.
Monzo clients who wish to deactivate the self-exclusion feature will need to contact customer support after which a 48-hour cooling off period will follow to avoid impulsive decision making on the part of the client.
Monzo indicated this would be the first of other responsible gambling features to come.
Early ideas include the ability to set a 30-day rolling gambling limit, the nomination of a “trusted friend” who would need to authorise any gambling transactions, low balance notifications and visual indicators to help clients become aware of how much they’re spending and a facility where clients can set aside an amount for the essentials such as rent, food etc.