222,993 use Monzo gambling block since June 2018 launch
A total of 222,993 customers have availed of UK-based online bank Monzo’s gambling blocking feature since it was launched in June 2018, iGB understands.
The feature allows Monzo customers to self-exclude from gambling transactions and includes a 48-hour “cooling-off” period before it may be disabled. At the time the feature was launched, Monzo explained it is able to identify gambling transactions by codes that accompany payments.
Since then, 222,993 customers have used the block, while only 8% have disabled it. This means an average of 2,314 people turned on the feature each month, while the number of new users availing of the feature in a month peaked at 17,474 August 2019.
The launch of Monzo’s feature in June 2018 followed rival online bank Starling’s decision to introduce such a feature in the same month. Since then, other banks including high street giants Barclays, Halifax, Lloyds Bank, Bank of Scotland and HSBC have followed suit.
Earlier this month, UK gambling-related harm charity GambleAware urged the government, financial institutions and regulators to ensure all consumers have the ability to block gambling transactions, after a new study estimated that 28m personal bank accounts in the UK do not yet have access to this functionality.