Monzo, the U.K. challenger bank, has finally added Apple Pay to its mobile-only current account. The just over three year-old fintech says it has been one of the most requested features for its banking app, with over 2,000 mentions of Apple Pay on Monzo’s forum, whilst its customer support team have been asked about the functionality more than 13,000 times. In other words, the rollout can’t come soon enough. Noteworthy, Monzo was able to add Google Pay all the way back in October 2017.
Meanwhile, many of its passionate and vocal users will be wondering what took Monzo so long (as an aside, rival challenger Starling was able to add Apple Pay in July 2017). The upstart bank, which usually makes a virtue of its community-driven approach and transparency hasn’t been able to say (or even fully acknowledge that the feature was coming), likely because Apple imposes strict rules on the ways its partners communicate working with the tech giant. And when you sign an NDA with Apple it’s not atypical for it to stipulate that you don’t talk about said NDA.
What we do know is that — similar to Apple’s iOS App Store when submitting an app — the Apple Pay approval process for a new bank partner is not for the faint-hearted. Industry insiders tell me that Google Pay has fewer hurdles to jump in comparison.
Now that the feature is live, Monzo is talking up the security and privacy aspect of using Apple Pay, noting that when you use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, “a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device… [and] each transaction is authorised with a one-time unique dynamic security code”.
Of course, most people simply like Apple Pay for its convenience, letting you use your phone to pay rather than fumbling for a debit or credit card, and when shopping online not having to repeatedly enter card details.
Cue Monzo’s Tom Blomfield waxing lyrical in a company statement about Apple’s design and UX. “Apple is famous for building beautiful products with simple, intuitive interfaces. Their design thinking has long been a source of inspiration for us. Monzo’s mission has alway been to make sure everyone can use and manage their money effortlessly, and with Apple Pay we are one step closer to achieving that,” says the challenger bank’s co-founder and CEO.