With the nation gearing up for the busiest spending season of the year, digital bank Monzo has today launched a new cashback feature, where customers can reap the rewards for shopping with a wide range of everyday merchants.
As the cost-of-living crisis continues to put financial stresses and strains on many UK households - living standards are not expected to return to 2021 levels until 2027 at the earliest* - the feature is sure to be welcome news to many, with around a quarter of Monzo customers saying that even a small amount of cashback would make a meaningful difference to them.
And with many people frustrated at the current cashback offerings on the market, due to the deals available being irrelevant to their needs, or finding them too hard to redeem, Monzo has created its feature with everyday spending and simplicity in mind.
The easy-to-use functionality gives customers instant cashback notifications after purchases, so they will be able to see their upcoming cashback accumulate in real-time. Customers will be able to earn back between 2% and 10% with each offer, or even more depending on the specific retailer. Shoppers will also be alerted to new offers from merchants that are relevant to them, based on their spending habits, with offers updated monthly.
The feature has launched with a wide variety of merchants, including ASDA, Boots, H&M, eBay, Deliveroo and Disney+.
Kunal Malani, General Manager at Monzo, comments, “We know that in the current climate, more and more people are looking to money-saving solutions such as cashback, as a way to make their hard-earned cash go further. But it’s difficult to find a model that doesn’t have a complicated redemption process or one that offers cashback on brands people truly love. Our cashback offering plugs this gap in the market, giving customers real-time visibility on their rewards, with access to some of the nation’s most-loved merchants in food, retail, transport and entertainment. We look forward to helping customers earn cashback, on their everyday spend, with ease.”
To start using Monzo cashback, customers will need to follow these steps:
Simply Activate the feature in-app
Use their Monzo card to shop in store or online at selected retailers, as they always would
Earn cashback from their favourite shops.
The new feature will be rolled out to all customers in the coming weeks.