Monzo is introducing a new split payments feature that allows customers to track, pay, and follow up on shared expenses.
The Monzo Split feature caters to both ongoing expenses, such as household bills or group vacations, as well as one-time costs like dinners or shared taxi rides. Users can create splits, invite participants, add expenses from different accounts and cards, and send reminders to keep everyone accountable. Customers on paid plans can automate the process by linking their accounts for direct payments.
Andy Smart, chief product officer at Monzo, commented, “We understand that asking friends to pay back money can be uncomfortable, but that shouldn’t prevent anyone from getting repaid. We’ve all experienced the challenge of managing costs during a group trip, handling shared household expenses, or buying drinks while awkwardly chasing for reimbursements. Whether or not you’re a Monzo customer, we can simplify the tracking, calculations, and reminders for you.”