Millions of people with major bank can now cancel bank transfers within seconds of spotting error
Customers will have up to 60 seconds to use the 'Undo Payment' function.
More than 12million customers with Monzo now have the ability to cancel a bank transfer if they realise within seconds that they have made a mistake.
This comes as new data from the bank reveals that almost one in three Brits (30%) have either sent money to the wrong person or sent the wrong amount in the last year.
The new feature gives customers a 10 to 60-second window, allowing them to cancel a payment if they realise they have made an error, such as sending the wrong amount or selecting an incorrect recipient.
It could also help to stop payments potentially going to fraudsters, if the sender suddenly has doubts about the recipient.
The bank described the 'Undo Payments' tool as a 'comfort blanket' to turn a moment of panic into relief.
Andy Sacre, head of payments at Monzo, said: 'We know it's important to be able to send money quickly and easily.
"But we also know that mistakes can happen, whether that's sending the wrong amount to someone or paying the wrong person.'
How Monzo's Undo Payment feature works
Monzo customers can configure the timer, choosing between 10 seconds, 15 seconds (which is the default setting), 30 seconds, and 60 seconds.
The timer will appear on the payment confirmation screen with an option to undo the payment.
Someone can tap the 'Undo Payment' button from there, or from the home screen or payment detail screen, before the timer runs out, the bank said.
If the button is tapped, the payment will not leave the sender's account, and the potential recipient will be unaware that the money was nearly sent to them, Monzo added.
New research from Monzo reveals the demand for an Undo Payments feature, with results also showing:
Over 825m was sent by mistake in the past year, whether by people sending money to the wrong person or by sending the wrong amount
58% of Brits stated they would feel more confident and/or relaxed making payments if they knew they could undo them
Over two thirds of Brits (68%) claim a simple typing error, such as adding a zero, was the reason for sending the wrong payment
The feature started to be rolled out to Monzo customers on May 14.
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