Last Wednesday, Monzo, a digital bank, has announced a strategic partnership that it has entered with Paypoint. It said that the new partnership will enable its users to deposit cash into their Monzo account at any of the 28,000-strong network of corner shops and local stores of Paypoint across the United Kingdom.
Monzo has chosen the cash payments solution of PayPoint for its current account holders. Starting last Wednesday, the 21st of November, the customers of the digital bank are now able to deposits money that can range from £5 to £300 directly into their Monzo account. It will come with a fee of £1 per deposit and a cap of £1,000 every six months. Monzo said that many of the stores of Paypoint are usually open seven days a week from early until late, thus, it will offer its customers a convenient way to deposit their cash.
The move comes after a similar partnership that was launched by Starling Bank, its rival, last week, which also teamed up with the Post Office in a sector-first for free personal services across both cash withdrawals and deposits.
Monzo said that to date, its customers have now spent more than £4 billion using their Monzo cards.
Recently, the digital bank raised a £85 million funding round, as it heads to the United States of America for its first international destination. Last August, it was reported that the bank will also be launching a £20 million crowdfunding round with Crowdcube in due course.
Tom Blomfield, the chief of Monzo, stated: “Though we’re heading towards a cashless society, many payments are still made using cash.”
He added: “By partnering with PayPoint, Monzo customers can deposit their money easily and conveniently whenever they need to.”
Monzo is considered the biggest digital challenger bank in the United Kingdom. It now has more than one million people already using its hot coral debit cards to spend and manage their money. The new partnership with PayPoint gives the customers of Monzo access to a network of stores that are bigger than all banks, supermarkets, and post offices combined. That means that they can now pay cash into their accounts conveniently, wherever they are in the United Kingdom.