Add Monese as a payment method (popular mobile bank app in UK and Europe)

[pazza83]

Monese

References:

• Monese website
• Monese fees and limits
• Monese T&Cs

Monese is a popular neo bank app for users of GBP, EUR and RON.

As well as the usual bank facilities Monese allows users to send money to other Monese accounts instantly and for free in any supported currency.

Monese has a good use case in that it is instant, free, multi currency and has some better use cases than SEPA (current most popular EUR payment method). Also provides a Revolut alternative to users in UK and Europe.

Region

Anyone who's at least 18 years old and is a resident of the European Economic Area (EEA), regardless of their citizenship or financial history.

So if you live in one of these countries, you can open an account with Monese:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.

*To open a RON account, you need to either live in Romania or have Romanian citizenship, holding a valid CNP (Romanian Personal Numeric Code). You’ll need one or more of these documents during account opening: Romanian national identity card, Romanian passport, Romanian driving license or a residence permit.

Depending which country you live in, you may also be able to open an account in more than one currency. For example, you could have both a GBP and a EUR account.

Currencies

Monese supports payments in:

• EUR to all Eurozone and SEPA countries
• GBP to UK
• PLN to Poland
• RON to Romania
• HUF to Hungary
• BGN to Bulgaria
• CZK to Czech Republic
• DKK to Denmark
• NOK to Norway
• SEK to Sweden
• USD to United States
• AUD to Australia
• MXN to Mexico
• BRL to Brazil
• CHF to Switzerland
• INR to India
• HKD to Hong Kong
• TRY to Turkey
• CAD to Canada

To send money in another currency simply create a new payee in the Monese app and choose what currency you want to send from the list of currencies and countries available.

Note that the currency must match the destination country, you can't send USD to Poland for example. This is because we use peer-to-peer money transfer services, not traditional international transfers.

Also note that users in the countries above may not be eligible for a Monese account.

Therefore I would propose limiting Monese to the following three currencies:

• British pounds (GBP)
• Euro (EUR)
• Romanian lei (RON)

Chargeback risk

Low

When setting up a payee or making a payment, make sure to add the correct details of the person you want to pay. If they’re not correct, your payment may be delayed, or you might lose your money if it’s sent to the wrong account. As long as we process your payment in accordance with the Unique Identifier you’ve given us, we’re not responsible if that payment goes to the wrong account or isn’t sent at all because the Unique Identifier you’ve given isn’t correct.

Size of user base

2 million Monese users

Data requirements

Monese - Monese payments are done by linking accounts to phone numbers. If you add the person to your phone contacts you will be able to send payment to them if they have registered the number with their Monese account

• Full name of user (not specifically required but otherwise the user would have to create a fake name for someone and this does not seem right)
• Phone Number including international code

Verification

Monese has a web app so TLSNotary can be used.

Duration

Immediate

Fees

Free (no currency exchange fee applied)

Fraud risk

Low

Payment amounts

It is hard to work out on their limits page

However, I think 0.25 BTC worth is achievable.

[pazza83]

Monese has been scored for inclusion to Bisq:

Essential	Desirable	Definite No’s
Very low risk of chargeback	No risk of chargeback	< very low risk of chargeback
Way to verify the sender in the received payment	Way to verify the sender in the received payment and ability to enter a reference	No way to verify the sender in the received payment
Trade time less than one week	Instant payment	Trade time more than one week
Singular Fiat currency	Multi-currency	Not a payment method for fiat currency
Significant user base	Large user base	No significant user base
High usability	High usability and great user experience	**< high amount usability~~
No KYC required for sending and receiving payments	No KYC required for sending and receiving payments, allows users to trade with upmost privacy. Minimal identifying information as possible (no names, email, phone etc required)	Some KYC required (proof of address, ID, selfie) for sending and receiving payments
Low risk of scam attempts	Very low risk of scam attempts	< low risk of scam attempts
Traders can provide evidence of payment / receipt	Traders can provide evidence of payment / receipt and Verification of payment can be made using PageSigner or similar	Traders will be unable to provide evidence of payment / receipt
Minimum limit at least equal to at least account limits protocols	No minimum limits	Minimum limit not able to achieve account limits protocols
Maximum limits equal to at least 0.01 BTC	Large payment limits up to 2 BTC	Maximum limit is less than 0.01 BTC
Likely to increase liquidity	Likely to increase liquidity and open markets for different countries and currencies	Likely to decrease liquidity
Low risk of mediation	Very low risk of mediation	< low risk of mediation
Low risk for traders from government agencies	No risk for traders from government agencies	< low risk for traders from government agencies
Fees should not be a barrier to trading	No fees for transactions	Fees will be a barrier to trading
Only minor changes needed to trade protocol	No changes needed to trade protocol	> Minor changes needed to trade protocol

Score: 25/32
Percentage: 78.13%

[pazza83]

Monese - Proposed National Currency Payment Method

I am proposing that Monese to be added as a national currency payment method.

@refund-agent2, @huey735, @leo816 please let me know if you have any questions as to how Monese will be mediated / arbitrated. If you have any objection please let me know by 31 May 2021.

---

Date proposal being made: 01.05.21
Date feedback to be provided by: 01.05.21

Name of payment method: Monese

Required fields (eg)

• Account owner full name
• Phone Number including international code

Maximum trade duration: 24 hours

Signing required: No

Regions accepted: UK, EUR accepting countries, Romania

Currencies accepted: GBP, EUR and RON

Bisq Limits: 0.25 BTC

Any relevant information for mediators / arbitrators: Verification might be via mobile screen recording if bank is app based.

Any relevant information for devs: No

Any relevant information for users: No

Screenshot of expected GUI: TBC

[pazza83]

Here is the XD for Monese, it should be straight forward to add:

[pazza83]

Information required for Bisq software strings:

Hi @jmacxx here is the information for the strings.

Let me know if you need anything else:

Special info about any of the inputs required for creating the payment account:

Monese is a bank app for users of GBP, EUR and RON*. Monese allows users to send money to other Monese accounts instantly and for free in any supported currency.

*To open a RON account in Monese, you need to either live in Romania or have Romanian citizenship.

When setting up your Monese account in Bisq please make sure to include your name and phone number that matches your Monese account. This will ensure that when you send funds they show from the correct account and when you receive funds they will be credited to your account.

Special items to be aware about when sending payments (for BTC Buyers):

Please send payment only to the phone number provided by the BTC Seller in their Bisq account. Please leave the payment description blank.

Special items to be aware about when receiving payments (for BTC Sellers):

BTC Sellers should expect to receive payment from the phone number / name shown in the BTC Buyer's Bisq account.

[pazza83]

Hi @jmacxx the implementation of this is missing the "account owner full name field"

It is not a deal breaker but will mean the account owner full name will need to be shared in trader chat.

[pazza83]

Wiki complete: https://bisq.wiki/Monese