British challenger bank Monzo will shut down its prepaid card program in April this year, the bank said on its blog yesterday.

Monzo first announced its plans to shutter prepaid cards last year. Users of these prepaid cards, which were supported by Mastercard, will need to “update” their account to a Monzo current account, the bank said.

Monzo said on its blog:

We’ve talked at length before about the move to Monzo current accounts and the key message is this: you can keep using an upgraded Monzo current account in exactly the same way as your prepaid card, with no extra fees or charges and no overdraft (unless you opt in). It’s also much cheaper (and more reliable) for us to run our own systems and means you get a bunch of new features, like a sort code and account number, Pots, bank transfers and more!

Over 20,000 people have already signed up for these “upgraded” accounts, according to Monzo.

Read more at Monzo and Finextra.

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