Monobank Enters E-Commerce with New BNPL Gadget Marketplace

Ukrainian neobank Monobank has launched a new in-app marketplace, "market by mono," offering gadgets and electronics with buy now, pay later (BNPL) options on all items, reports PaySpace Magazine. On October 21, Monobank officially entered the e-commerce space, directly competing with established local e-commerce leaders like Rozetka, as well as tech retailers such as Comfy and Foxtrot. Setting itself apart, the neobank offers a BNPL payment feature for every item in the marketplace, with varying installment terms based on product category. For instance, while some items allow for extended repayment periods of up to 24 months, high-demand items like Apple products typically have shorter terms of 3-4 months.

A standout feature of "market by mono" is its streamlined checkout process. Drawing from previous purchase history and estimated location, Monobank automatically fills in payment and delivery details for returning customers, leaving them to simply confirm the transaction. This enhancement has the potential to boost conversion rates, and Monobank is offering this solution to other retailers via an API.

"Market by mono" initially includes 20,000 products from partner stores like Moyo, KTC, and Click, featuring mainly electronics and gadgets, with some hobby-related items such as LEGO sets and souvenirs. The platform allows customers to compare prices across partners when available, and Monobank plans to expand the selection over time.

In collaboration with the delivery service Nova Poshta, Monobank offers free delivery for its early clients. On its first day, the marketplace saw over 28,000 orders, with a conversion rate exceeding 7%. Since its founding in 2017, Monobank has been at the forefront of Ukraine’s fintech innovation. Its crowdfunding tools, like the "savings jars," have empowered Ukrainian volunteers and influencers to fund large-scale donation campaigns quickly and efficiently, especially since the beginning of the full-scale war.