Monzo launches ‘undo payment’ feature to fix transfer errors

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British digital bank Monzo has introduced a new feature allowing customers to reverse payments within seconds, aiming to prevent losses from accidental transfers.

The “undo payment” option gives users a 15-second window—customisable to 10, 30, or 60 seconds—to cancel a bank transfer after confirming it. If triggered, the payment is halted before funds leave the account, with recipients unaware of the aborted transaction.

The move follows Monzo research showing that over 75% of payment mistakes are spotted within a minute. One in ten people in the UK have sent money to the wrong person, with nearly a third unable to recover their funds.

Monzo’s head of payments, Andy Sacre, described the tool as “a simple yet powerful feature,” designed to combine speed and security.

Traditional banks often require lengthy dispute processes for reversing payments, with strict time limits and no guarantees. Monzo hopes its real-time solution offers a more flexible and user-friendly approach.

The feature is available to both personal and business account holders. Monzo, a fully licensed UK bank, is rolling out the function gradually to monitor performance and make improvements.

Founded in 2015, Monzo now has over 9 million users.

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