Monzo Reports Increase in Use of Gambling Block Feature
The UK bank Monzo has reported a significant rise in the activation of its gambling block function. Monzo revealed that there has been an 8 per cent rise in customers using the block since its accessibility was improved last year.
Rise in Blocked Gambling Transactions
Monzo’s data indicates that gambling transactions worth £9 million have been blocked this year alone. The average monthly volume of gambling payments currently stands at £800,000, marking a 20 per cent increase compared to £657,000 recorded in 2023.
The bank’s gambling block tool enables customers to restrict gambling transactions for durations ranging from 48 hours to 12 months. Notably, 75 per cent of customers opt for the 48-hour cooldown period.
“By staying close to our customers, we build and evolve products and features like the Gambling Block that help them to transform their relationship with money. Hearing from them about the impact our latest additions to the tool have made is fantastic, even more so because so many customers are controlling the urge to gamble by reading notes they’ve written to themselves in the Monzo app and choosing longer cooldown periods than ever”, said Kate Graham, Monzo’s vulnerability manager.
UK Government’s Evaluation of Gambling Reforms
In a parallel effort to address gambling-related harm, the UK government’s Department for Culture, Media and Sport (DCMS) has unveiled its plan to evaluate the gambling reforms introduced following last year’s white paper.
The review will be conducted in collaboration with the Gambling Commission and will examine measures such as affordability checks and the newly imposed stake limits for online slots.
The evaluation, supported by the National Centre for Social Research (NatCen), will employ various research methods, including:
- Consumer and operator surveys
- In-depth interviews and focus groups
- Monitoring and tracking
This comprehensive review aims to assess the reforms’ effectiveness while identifying any unintended consequences, ensuring a balanced approach to consumer protection and regulatory oversight.
