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January 19, 2018

Monzo to shut down prepaid card programme in April

British digital challenger bank Monzo has announced that it will shut down its prepaid Mastercard programme in early April this year.

The mobile-only banking platform first announced plans to withdraw its prepaid card in October 2017.

The company existing prepaid cards customers who wish to continue association with it should sign up to a current account. Interested customers can sign up using the Monzo app without having to file any fresh application.

They can sign up any time between now and April 2018 and will receive a new debit card by post within a day or two, the company noted. Until the customers receive new debit card, they can continue using their prepaid card.

Those customers who opt not to open a current account will be given notice of 60 days to close their account.

It is believed that the move will affect approximately 450,000 prepaid card users; although, over 200,000 have already upgraded, according to Monzo.

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