Monzo Forms New Partnership with PayPoint
Crowdfund Insider reports that Monzo is the latest and most high-profile of a crop of digital banks to ink a deal with Renovata client, PayPoint.
Digital challenger banks are exciting addition to the financial services marketplace, giving consumers genuine choice, lower cost banking and a digital-first experience.
But despite constant promises about the demise of cash (and plenty of evidence that younger consumers are not carrying it at all), dealing with the in- and out-flow of cash remains a problem. Customers still want to move money into and out from their accounts.
On this issue, put simply, digital banks must somehow compete with traditional banks and their expensive bricks-and-mortar infrastructure, without investing in all that square-footage of floorspace.
Crowdfund Insider reports that Monzo is the latest and most high-profile of a crop of digital banks to ink a deal with Renovata client, PayPoint, which will allow its clients to add money to their accounts from any of PayPoint’s 28,000 retail partner outlets.
It’s a win-win: Monzo gets a turnkey real-world footprint; and retailers get increased footfall. PayPoint says that “it offers digital-only customers physical-world options – it’s about giving people more control and making life easier.”
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