Monzo, a UK challenger bank based in London, has chosen GPS as its processor. GPS is a market leading processor platform for emerging payments companies and innovative fintech businesses which is accredited globally by Visa and MasterCard. GPS offers a global solution with access to banking schemes including BACS and SEPA. Monzo, which received its UK banking licence in August 2016, will offer customers a bank account managed entirely via a mobile app. Currently, Monzo only offers prepaid debit cards with real-time push notifications whenever customers spend, transaction data that helps them understand where and what they’ve spent, and fee-free travel abroad. Customers can expect Monzo to launch its current accounts early this year. Monzo’s decision to only offer a mobile banking app is backed by recent consumer trends that show a rapid increase in mobile banking in recent years. Almost 1 in 4 consumers conducted their day-to-day banking activities at least once a week via a mobile app in H2 2016, up from 15% in H2 2014, according to RFi Group data.
Source: RFi Group UK Priority & Retail Banking Council H2 2016
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