- Digital bank Monzo is poised to launch a new mobile phone plan this summer, operating on the Virgin O2 network.
- The service aims to reward subscribers with a 5 per cent discount on monthly bills each year, potentially accumulating up to 30 per cent in savings over time.
- Monzo will offer three digital SIM plans with varying data allowances, priced at £8, £12, and £20 per month.
- This initiative challenges the traditional mobile model by avoiding mid-contract price rises and is expected to intensify competition within the telecoms sector.
- The announcement follows Monzo's recent report of an £87.3 million pre-tax profit for the year to March, marking a 44 per cent increase.
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