Monzo’s Gambling Protection Tools Set an Example for the Banking Industry
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Monzo launched its gambling block service in June 2018. The company was one of the first to provide a similar service. Monzo petitioned UK MPs and Ministers to crack down on payments to and from gambling companies. TrueLayer developed an API to integrate Monzos' gambling blocks with all banks' API. It is a vital step in the right direction for the banking industry.
Monzo's gambling protection tool is popular and has attracted 50,000 new customers in the past six months. The sudden spike in customers using the tool probably resulted from the unstable economic climate.
Gambling block is important in providing customers with much-needed support.
Monzo introduced gambling protection tools. NatWest and Chase introduced similar features. Lloyds Bank recently announced its gambling limit program applying to debit cards. Customers will set their monthly limits, budgeting how much they wish to spend on gaming.
