Monzo launches virtual cards for contactless payments to BNPL products

Friday 26 November 2021 12:25 CET | News

UK-based online bank Monzo has announced it now offers virtual cards for customers who want to make contactless payments using the Mondo Flex BNPL service.

Released earlier in September 2021, Monzo Flex allows eligible clients to get a credit limit of up to GBP 3,000 and then use it for products worth more than GBP 30 in three equal installments, at 0% interest. The six and 12 installment plans are also available with 19% interest.

Recently, the digital bank has offered its virtual Flex users the option of choosing virtual contactless cards for in-store payments. Clients who want to benefit from the option must enter their card details at checkout and proceed to pay the first installment from the installment plan they previously chose. 

Monzo counts for over 5 million active accounts, while offering asset protection by the Financial Services Compensation Scheme (FSCS) for all customers, up to GBP 85,000.

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Keywords: product upgrade, BNPL, instalment payments, online payments, virtual card, financial inclusion, online shopping
Categories: Payments & Commerce
Countries: United Kingdom
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Payments & Commerce

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