Monzo’s mobile-only banking platform has introduced a new feature that allows users to limit any and all gambling transactions on their banking app. The company that is based in England has stated that their policies have found certain indications of addictive gambling behavior and have devised an appropriate mechanism to aid consumers.
More Information Into the Gambling Block Feature
Once negative behavior has been found, an appropriate dialogue with the individual will begin; the individual will then be introduced to the GamCare Charity which provides them with a free software downloadable application that will block all gambling sites. This past week Monzo announced that they will be adding a feature within the next few weeks that will allow customers to block access to all gambling sites from the comfort of their banking app.
The added feature will stop any funds stored within the Monzo accounts to be used within conjunction of any gambling facility, regardless of if it is in an online gambling platform or if it is in a physical casino. Monzo states that the technology relies on the use of the categorization of codes that are given to merchants of different industries, and that all companies whose codes pertain to that of the gambling industry will not be paid for if the feature is switched to on.
Requirements for the Gambling Block Feature
Monzo has added some pre-requirements to enabling the feature, initially once a customer has decided to enable it, they will be contacted by a call center agent to speak about the prospect. After that, should the client wish to proceed, they will have to go through a trial period of 48 hours and if that is successful, then they may only enable the gambling block. Monzo has instituted these steps to ensure that customers are fully aware of the decision they are making and the full scope of repercussions that could occur by enabling the gambling block feature on the banking app.
Monzo is aware that while their new feature will not necessarily solve all problems related to gambling, it will help to act as a preventative measure and possibly help to hinder some of the negative situations within gambling as well. Monzo has also other possible projects in the pipeline including a thirty day period where gambling payments will be restricted through methods such as a payment limit or authorization mechanisms, such as phoning a close friend or all money for bills and necessary expenses will be placed in an area of the account which may not be spent on gambling.