Monobank launched a monobazaar – OLX competitor?

Monobank has introduced the monobazaar service – a platform for buying and selling used items, which is currently in beta. As part of the project, users can place ads, create their own storefronts, and make deals directly with each other, and all sellers undergo mandatory verification through the bank’s application.

The platform offers installment payments, and ads can be quickly created using a built-in AI tool that generates an extended description of the product based on short text. The mechanics of the auction are also automated: the buyer makes a price offer, and the seller only confirms or rejects it.

The money is received by the seller after the buyer receives the goods at the post office. If the parcel is not picked up, the payment is automatically returned. During testing until January 8, the commission is 0.1% for each sale, and after the beta period is over, it is planned to increase it to 1.9%. Buyers only pay for shipping.

Among the individual features is a charity option: until January 8, sellers can transfer all sales proceeds to charity, and Monobank will double the amount of the contribution in this case. The new service is available in the Monobank application in the “Market” section.