Monobank has rolled out a new service named mono market that allows customers to sell used items. Starting December 8, this service is available for all bank clients in beta testing mode. Co-founder Oleg Gorokhovskiy announced this via Telegram.
"We are launching mono market. Now our clients can sell their unnecessary (or needed) items. It’s a simplified version of OLX," he wrote.
The service enables installment purchases, with all sellers verified by the bank, which significantly reduces the risk of fraud, Gorokhovskiy noted.
He also shared some features of the service. For instance, artificial intelligence saves customers' time by auto-filling lengthy product descriptions; all you need to do is provide a few words like "iPhone, 80% battery, scratched screen".
"Additionally, we believe that most conversations during purchases are negotiations, which can also waste time. Hence, we automated the negotiation process – you can propose a price, and the seller will consider it and decide whether to accept it. No more dialogues!", he stated.
"Moreover, the seller will receive money only after you collect the product from the post office. If you check it out and it’s not to your liking, the money will automatically return to you, and the package will go back to the sender," Gorokhovskiy explained.
According to him, the commission for any sale will be 0.1% until January 8, and after the testing period, it will be 1.9%, with only the delivery costs to be paid during purchases.