Banks Help Customers Gamble Responsibly

Golden Piggy Bank

Lillie Mcguire
Posted on March 01, 2019 at 10:03am

A growing number of British banks are helping their customers spend less, not more, money by allowing them to block certain types of payments. Could it be that self-redemption and taking a real interest in customer wellbeing are the big emerging trend of 2019?

According to reports, smaller banks Monzo and Starling offered the service before high street institution Barclays launched its own version of the feature in its app in December last year. It is currently available only for debit cards and EFTs, but will be offered for credit cards in the future.

How It Works

Depending on the bank, customers can activate the feature either by switching it on in their app settings on their mobile device, or they can contact their bank’s customer service department. At banks such as Monzo, the option is to block gambling payments. That particular institution already has seen a 70% decrease in such transactions.

Barclays, however, allows customers to choose which categories are blocked. Other categories in addition to real-money gaming include restaurants, take-out food, bars, and pubs, high-cost phone lines and websites, fuel stations, and supermarkets and grocery spending. Starling is the only one whose service allows the blocking of payments to specific casinos and retailers.

Unblocking Is Not Easy

Monzo does not make it easy to unblock payments. Its website makes it clear that this is to give customers who have made an impulsive decision to gamble the chance to reconsider.

If someone decides to start playing games for real money again, they will need to contact the bank’s customer service team, who may question the customer’s decision and situation. Following that, the option to unblock gambling payments in the app will become active 48 hours later.

In Line With Gambling Regulation

The move by the banks to support customers whose betting and other addictions may be leading them into financial difficulties is in line with the recent push to renew industry regulation. A hot topic in the debates that raged around the topic was that of player protection.

The UK’s Gambling Commission insists that casinos and bookmakers give players the option of self-exclusion. According to vulnerable customer specialist, Natalie Ledward, the Monzo team thought that banks could better support that option.

Ledward explained that the institution wanted to help its customers prevent addiction-relation financial problems, rather than limiting itself to trying to support their recovery only once they are in debt. The move was welcomed by various focus groups and charities, the Money Advice Trust among them.

Taking Customers Seriously

The launch of the payment exclusion features in the wake of renewed gambling industry regulation might a step toward a more supportive, healthier society.  No doubt, retailers and other sectors will follow suit in realising that customers are more than just walking wallets. It could be only a matter of time before they offer similar services to theirs.

Sources:

https://monzo.com/

https://www.bbc.com/


More News

1st WowPot Mega Progressive Slots Jackpot Won

Lillie Mcguire
Posted on April 21, 2021 at 1:04am
1st WowPot Mega Progressive Slots Jackpot Won

An enormously lucky player from the UK on April 14 landed the very first WowPot Mega jackpot in Microgaming’s new WowPot series of progressive s

Single-Game Sports Betting Canada Hopes Realised

Lillie Mcguire
Posted on April 19, 2021 at 1:04am
Single-Game Sports Betting Canada Hopes Realised

Single-game sports betting in Canada is becoming a reality. Online sports betting Canada is seeing its hope for single-game betting approaching realis

Pragmatic Play Boosts Live Dealer Casino Reach

Lillie Mcguire
Posted on April 19, 2021 at 1:04am
Pragmatic Play Boosts Live Dealer Casino Reach

Pragmatic Play, the leading iGaming content provider, has made its complete collection of live dealer casino products available for play on GGPoker. T

New Laws To Change Online Gambling In Canada

Lillie Mcguire
Posted on April 16, 2021 at 3:04am
New Laws To Change Online Gambling In Canada

The question ‘is online gambling legal in Canada’ has been asked on numerous occasions, by locals, and the world at large. It is such a co

Benefits Of Playing At The Best Online Casinos

Lillie Mcguire
Posted on April 16, 2021 at 3:04am
Benefits Of Playing At The Best Online Casinos

It seems as if new online casinos are appearing on an almost daily basis, which is certainly good news for gamblers. But what exactly are the benefits

LeoVegas To Boost Sports Betting Site With Expekt

Lillie Mcguire
Posted on April 15, 2021 at 3:04am
LeoVegas To Boost Sports Betting Site With Expekt

LeoVegas AB has announced further expansion plans as the company strengthens its vision of becoming a leading sports betting site. It has agreed to ac

Microgaming Ink GONG Casino Games Online Deal

Lillie Mcguire
Posted on April 15, 2021 at 2:04am
Microgaming Ink GONG Casino Games Online Deal

Microgaming, the leading casino games online software developer, has reinforced its position as the industry’s leading content aggregator. The l

Canada GP’s Ghost Race In Need Of More Money

Lillie Mcguire
Posted on April 13, 2021 at 11:04am
Canada GP’s Ghost Race In Need Of More Money

The fate of the 2021 Canadian GP hangs in the balance after it was reported that the prospect of a spectator-free ‘ghost race’ for the Mon

Evolution To Acquire Big Time Gaming

Lillie Mcguire
Posted on April 13, 2021 at 11:04am
Evolution To Acquire Big Time Gaming

One of the world’s biggest iGaming giants, Evolution, is set to add yet another significant firm to its collection. The company has entered an a

Sports Betting Regulation Set To Serve Canadians

Lillie Mcguire
Posted on April 12, 2021 at 12:04pm
Sports Betting Regulation Set To Serve Canadians

Now that the passing of the bill set to legalise singe-event sports betting in Canada appears imminent, local gaming bodies and operators are excited