Ukrainian neobank Monobank has introduced a new marketplace service for gadgets and electronics with BNPL payment options available for every item.
On Monday, Oct.21, Ukrainian challenger Monobank entered the e-commerce market by launching an in-app marketplace called “market by mono”.
In a move not typical for banking institutions, the 100% digital neobank now provides competition to local e-commerce leaders such as Rozetka marketplace or tech retailers Comfy and Foxtrot.
Monobank’s marketplace differs from the existing online shopping platforms by providing a buy now pay later (BNPL) flexible payment option for every item on sale. The instalment terms might differ for various categories. Some products can be purchased with truly long-term payment options (up to 24 months), while others, e.g. Apple products, typically have a much shorter repayment period (3-4 months).
Another unique feature of the new marketplace is its quick checkout. The bank fills in payment and delivery data
for the buyer based on the previous purchase history and estimated location. Thus, most shoppers only need to confirm the transaction instead of manually filling out the delivery form. The checkout tool might significantly improve potential conversion rates. Besides ‘market by mono’, the solution is also available for retailers as an API.
‘Market by mono’ initially offers 20,000 items from the service’s partner stores: Moyo, KTS and Click. Those are mostly electronics items and gadgets. However, some hobby-related products like LEGO sets or souvenir items are also available on the platform. You can compare prices from different partners for each product if it’s offered by a few stores. Over time, the marketplace assortment should expand significantly, according to the bank.
Monobank also partners with a popular local delivery service, Nova Poshta, to provide free delivery for the first clients. During the first day, the service received over 28,000 orders, with the second day of sales promising to show similar impressive results as the marketplace was rolled out gradually and became available to all the bank clients only on Oct. 22. During the first day, ‘market by mono’ saw over 7% conversion rate.
Monobank has been one of the key players of the Ukrainian fintech scene since its launch in 2017. Since the start of the full-scale war, fintech crowdfunding solutions like Monobank’s savings “jars” have become a revolutionary tool for Ukrainian volunteers and influencers, enabling them to carry out large-scale donation initiatives quickly and seamlessly.
