Monobank Launches Shared Cards: Manage Finances with Loved Ones Under Unified Limits

Monobank Introduces Shared Cards for Seamless Financial Collaboration

Monobank, a trailblazing Ukrainian fintech unicorn, has unveiled an innovative new feature designed to simplify how users manage finances with their loved ones. Dubbed 'Shared Cards,' this functionality allows individuals to grant access to their banking card, fostering a new level of financial transparency and convenience for families and close-knit groups.

Effortless Setup and Integrated Control

The setup process for Shared Cards is remarkably straightforward. According to Monobank co-founder Oleg Gorokhovsky, users can initiate the sharing by tapping 'Open Access' beneath their existing card within the monobank application. From there, they simply select the individual with whom they wish to share financial responsibilities. The recipient then receives a unique, virtual card within their own monobank app, complete with its own number. Crucially, both the primary cardholder and the invited user will operate under a unified spending limit, ensuring collective oversight.

Empowering Users with Flexible Spending Limits

Beyond basic sharing, the Shared Cards feature offers granular control over expenditure. Users have the flexibility to establish specific spending restrictions, tailoring the shared financial environment to their unique needs. This proactive approach to budgeting can prevent overspending and ensure that shared funds are utilized responsibly. Moreover, access can be revoked at any time, providing an immediate safeguard if circumstances change or if the need for sharing diminishes. This dynamic control is a significant advantage, offering peace of mind to all parties involved.

Distinct Transaction Visibility for Enhanced Privacy

A thoughtful consideration in the design of Shared Cards is the distinction in transaction visibility. The individual who initiates the sharing – the card owner – retains full visibility of all transactions made from the shared card. Conversely, the person granted access will only see their own expenditures. This nuanced approach respects individual privacy while maintaining overall financial awareness for the primary account holder, striking an ideal balance between collaboration and personal financial tracking. If the feature isn't immediately visible, a simple app update from the App Store or Google Play should resolve the issue.