Barclays allows customers to block their own spending

UK – The bank has introduced a feature that will protect vulnerable customers and those with addictions or compulsions from overspending.

Barclays has created five categories of retailer at which customers can choose to block debit card transactions: supermarkets; hospitality venues such as restaurants and bars; petrol and diesel purchases; gambling; and premium rate websites and phone lines. To block any of these payments, customers must manually switch them off in the Barclays app.

Although challenger banks Monzo and Starling already offer in-app options to block people from gambling, Barclays is the first traditional bank to introduce such spending controls. According to the bank, the feature will prevent those with mental health problems or addictions from getting into debt.

With some consumers finding the cost of living hard to manage, fintech companies are creating tools to help people become more astute spenders.