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Barclays launches new tool to block spending

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Barclays launches new tool to block spending

Barclays has a new feature on its mobile banking app that can block payments to particular retailers.

Launching on Tuesday, the new tool hopes to help “customers in vulnerable circumstances in mind” by blocking spending in pubs, supermarkets and gambling websites/shops.

“We are always looking for new ways to support our customers and make it easier for them to manage their finances,” said the Barclays managing director, Catherine McGrath.

“We work with a range of advisors and partners, as well as consulting with our customers, to identify how our customers’ needs are changing and what works for them.”

“This new control feature is the latest new service that we have introduced in the Barclays Mobile Banking app that aims to give all of our customers a better way to manage their money in a simple, secure and effective way,” she added.

The bank used research from the Money and Mental Health Policy Institute to work on the new feature.

Monzo introduced a similar feature in June and has reported a 70% plummet on gambling spending.

Marc Etches, the chief executive of GambleAware, said: “GambleAware welcomes this initiative by Barclays, which we hope will encourage other banks to do the same.

“There are 340,000 problem gamblers in Britain and a further 1.7 million at risk, and initiatives like this can play an important role in helping to reduce gambling-related harms,” he added.

The categories that customers can block spending on are groceries and supermarkets, restaurants, takeaways, pubs and bars, petrol and diesel, gambling, and premium rate websites and phone lines.

Martin Lewis, the founder of MoneySavingExpert, welcomed the move and hopes other banks will adopt similar banks.

Shares in Barclays (LON: BARC) are trading -0.12% at 153,18 (0953GMT).