Following this announcement, the tool will offer features for both recurring and one-time payments, while also focusing on simplifying the process of tracking transactions. The company made the new service available to both Monzo and non-Monzo users, with the goal set to increase its overall accessibility.
In addition, the tool was developed in order to streamline expense sharing, aiming to reduce the complexities that are usually associated with tracking and collecting payments. Monzo will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
According to officials of the firm, Monzo Split was developed in order to provide customers with an integrated platform in which they can divide expenses, request payments, and monitor their funds. The solution includes Running Splits (a feature designed for recurring expenses such as utility bills) and Single Split (designed for one-time payments like transportation costs or dining).
At the same time, the features aim to optimise the manner in which users can keep track of their shared expenses without the need for manual calculations. Clients will also benefit from no fees, as Split is completely free, while bigger balances will have the possibility to be paid by settling up smaller chunks.
The launch of Monzo Split also aligns with the company’s growth strategy in an ever-evolving market, as well as with the increasing development of digital wallets for financial transactions.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now