Our updates from August include the Mono DirectPay Lookup feature, improvements to our virtual USD cards, DirectPay pricing update, and more. Keep reading for the highlights.
Company & Product Updates
Mono DirectPay Lookup is live!
We've added a new feature to Mono DirectPay - the DirectPay Lookup. When customers pay you using DirectPay, they can use DirectPay Lookup to search for details about the payment, such as the payment status, merchant name, transaction amount, etc.
In cases where there are any issues regarding a payment, your customers can also resolve them using DirectPay Lookup. Here's how DirectPay Lookup works.
Changes to DirectPay Pricing
We recently reviewed our DirectPay pricing to ensure that we can continue to improve the DirectPay experience for both you and your users. With this new pricing, we have changed transaction fees on DirectPay from a flat fee to 0.5% + NGN60 per transaction capped at NGN500, [for transactions above NGN1500].
We adopted this change to make DirectPay’s pricing balanced across the board, especially for businesses that process low-amount transactions. Learn more about our DirectPay Pricing.
Increased funding limits for our virtual USD cards
We have improved card funding limits for our virtual USD cards. Your users can now fund their virtual dollar cards with a maximum balance limit of $10,000 per month, and use it to pay anywhere online. In addition to this, your users can also freeze, unfreeze, or delete their USD cards if they choose. Read the Issuing API docs to learn more.
Grey announces seed funding
Grey recently raised $2 million in seed funding to expand its product offerings to more East African countries and enable users to send and receive money seamlessly in their preferred currency.
Grip has launched
The Grip app is now live! Powered by Mono, Grip lets you link all your bank accounts, digital finance wallets, debit cards, and credit cards in one place, and gives you one card and one app to manage your transactions across your multiple accounts. You can try out Grip here.
On the blog
Introducing Mono Telco data API
Last month, we officially announced the Mono Telco data API. The Telco API will enable businesses to securely access non-traditional banking data, to understand the finances of underbanked users, create more inclusive services, and make data-informed decisions.
White labelling with the Mono Connect API
Our white labelling API for Mono Connect allows you to create unique experiences within your product while still leveraging Mono's powerful APIs. You can embed simple or more use case-fitting flows for your customers.
We wrote a detailed guide on how to use the Mono Connect white labelling API, data privacy requirements for implementing white labelling, and its benefits for your business and users.