Monobank has introduced a new service in its mobile app — the “Bazaar” marketplace, which serves as an alternative to the popular platform OLX. From now on, users can not only buy but also sell their items directly through the bank, making the process more convenient and secure.
This is reported by Finway
Features and Characteristics of monoBazaar
The new service is located in the “Market” section under a separate button labeled “Bazaar.” Currently, it is operating in test mode, allowing customers to evaluate its functionality and provide feedback.
- Purchasing items is available in installments, allowing users to spread their expenses over a period that suits them.
- All sellers undergo verification through Monobank, so, according to the bank’s co-founder Oleg Gorokhovsky,
“it’s inconvenient to commit fraud here, if not to say impossible.”
- Each user can create their own showcase, share it on social media, or send it to friends who can subscribe and receive notifications about new items.
- Thanks to the implementation of artificial intelligence, monoBazaar automatically generates detailed product descriptions — users only need to specify a few key characteristics, such as “iPhone, 80% battery, scratched screen.”
- The automated bidding system allows buyers to propose their price, and sellers can immediately see the offer and make a decision without additional negotiations.
Conditions for Making Purchases and Sales
The security of transactions is ensured by an innovative scheme: sellers receive funds only after the buyer picks up the item from the post office. If the item does not meet expectations, the money is automatically returned to the buyer, and the package is sent back to the sender.
The commission fee for sales currently stands at only 0.1% — this rate is effective until January 8, while the service is being tested. After the testing period, the commission will increase to 1.9%. Additionally, buyers only pay for delivery.
Furthermore, until January 8, Monobank customers can sell items for charity by activating the corresponding switch. In this case, the entire amount from the sale will be donated to the “Charter” charity fund, and the bank will contribute an equal amount.
It was previously reported that Monobank users set a record for purchasing items in installments on Black Friday — over 89,000 orders in a single day.