UK digital bank Monzo has launched a new Split Payments feature designed to remove the hassle of managing shared expenses among friends, roommates, or group travelers. The feature allows users to easily track, split, and collect payments for everything from recurring household bills to one-time costs like dinners or taxi rides.
The functionality enables Monzo customers to create shared expense groups, add participants (even those without Monzo accounts), and log expenses paid via any bank card or account. Users can then send automated reminders to ensure everyone pays their share. For Monzo Plus and Premium subscribers, the feature offers added convenience with direct payment automation from connected external accounts.
Andy Smart, Monzo’s Chief Product Officer, explained the motivation behind the feature: “We know that chasing your mates when they owe money can be awkward, but that shouldn’t mean that people miss out on getting paid back. We’ve all been there – trying to stay on top of costs on a group trip, managing ongoing household expenses or buying that round of drinks – and then awkwardly chasing people. Whether you’re a Monzo customer or not, we can take care of the tracking, the maths, and even the nudging, so you don’t have to.”
The launch addresses a common pain point in digital banking, positioning Monzo as a leader in social payment solutions. By supporting multi-bank participation and offering both free and premium automation options, the feature aims to become a go-to tool for shared financial management among UK consumers.