The accidental payment reversal tool launched by digital bank Monzo last year has so far stopped £323 million worth of mistaken payments, the bank has announced.

New data from Monzo shows that, since rolling out Undo Payments in May 2025, the feature has enabled the reversal of 1.6 million payments mistakenly made by customers.

Common examples of mistaken payments include paying money into the wrong account, often due to inputting an incorrect sort code or account number, and entering the wrong payment amount.

Both issues are clearly more common than one might expect, with Monzo reversing around 6,389 mistaken payments daily. This equates to nearly 45,000 mistaken payments weekly and over 194,000 monthly.

On average, most mistaken payments reversed by Monzo are valued at around £202. However, on one occasion the digital bank prevented £2.5 million from accidentally leaving a customer’s bank account – the biggest payment reversal it has seen to date.

When it comes to noticing and stopping a mistaken payment, Monzo said its customers typically do so in nine seconds. The Undo Payments tool makes this possible by automatically displaying a 15‑second timer that gives customers the option to cancel a payment after they have confirmed it.

In addition to being displayed on the payment confirmation window, the feature is also visible on the home and payment detail screens of the Monzo app. Once a customer presses the Undo Payment button, Monzo will reverse the payment and ensure the money stays in the customer’s account.

Although 15 seconds is the default time Monzo customers have to use the Undo Payments feature, they can increase it to either 30 or 60 seconds, while the lowest option is 10 seconds.

This feature simplifies the stressful and complex process of reversing and retrieving mistaken payments, which is still commonplace throughout the banking sector. Typically, if someone has made an accidental payment, they need to call their bank.

The customer’s bank then investigates the matter in greater detail in an attempt to locate the mistaken payment before contacting the bank that received the incorrect payment.

This can deprive customers of urgent funds for an extended period of time and, because banks approach this issue differently, there are often occasions when customers do not get the mistakenly sent funds back.

Recognising this, Monzo set out to simplify the process with the Undo Payments feature. Its head of payments, Andy Sacre, said: “Mistakes happen to all of us – whether it’s typing an extra zero on a payment or sending money to the wrong person.

“We built Undo Payments to give people a few seconds to catch those ‘oh no’ moments and put things right. Customers are telling us that this simple but powerful feature is a game-changer, giving them more control and confidence when managing their money than ever before.”

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