97% of Purchases on Monomarket Are Made Through Installment Plans, Bank CEO Reveals

In a striking revelation about consumer behavior in Ukraine’s digital marketplace, the overwhelming majority of customers shopping on Monomarket prefer to spread their payments over time rather than pay upfront. According to the CEO of Monobank, approximately 97% of all purchases made on the platform are completed using the “Buy in Parts” installment payment option, highlighting a significant shift in how Ukrainians approach retail spending in the current economic climate.

This remarkable statistic underscores the growing reliance on flexible payment solutions among Ukrainian consumers, particularly as economic pressures continue to influence purchasing decisions. The “Buy in Parts” program, which allows customers to divide the cost of goods into several monthly payments without interest charges when paid on time, has become virtually synonymous with shopping on the Monomarket platform. The service has transformed from a convenient option into the default payment method for the vast majority of users.

Monobank, launched in 2017 as Ukraine’s first fully mobile bank, has consistently positioned itself at the forefront of fintech innovation in Eastern Europe. The bank operates entirely through a smartphone application, eliminating traditional brick-and-mortar branches and passing the resulting cost savings on to customers through competitive rates and innovative services. Monomarket, the bank’s integrated e-commerce platform, was designed to seamlessly combine shopping with the bank’s signature installment payment features, creating a unified ecosystem where financial services and retail converge.

The popularity of installment payments reflects broader trends in consumer finance across Europe and beyond. Buy Now, Pay Later (BNPL) services have experienced explosive growth globally, with companies like Klarna, Afterpay, and Affirm reshaping retail landscapes in Western markets. However, Monobank’s integration of this feature directly into its banking application and proprietary marketplace represents a more comprehensive approach than standalone BNPL providers typically offer. The 97% adoption rate far exceeds industry averages in other markets, suggesting that Ukrainian consumers have embraced this payment model with particular enthusiasm.

Economic analysts point to several factors driving this trend in Ukraine. The ongoing conflict with Russia has created significant economic uncertainty, making large single payments more challenging for many households. Installment plans allow families to maintain their purchasing power while managing cash flow more effectively during difficult times. Additionally, Ukraine has historically had lower credit card penetration compared to Western European nations, meaning that installment payment options fill a crucial gap in consumer financing that traditional credit products might occupy elsewhere.

The success of the “Buy in Parts” program also reflects Monobank’s sophisticated approach to risk assessment and customer relationships. The bank utilizes advanced algorithms and machine learning to evaluate creditworthiness, enabling rapid approval decisions that make the installment option seamlessly accessible during the checkout process. This technological infrastructure allows customers to complete purchases in seconds while the bank manages risk effectively across millions of transactions. The model has proven remarkably resilient, maintaining low default rates despite the challenging economic environment.

Industry observers note that Monobank’s ecosystem approach—combining banking services, a marketplace, and integrated financing—may represent the future of retail banking. By controlling the entire customer journey from product discovery through purchase and payment, the bank captures valuable data and creates multiple touchpoints for customer engagement. This strategy has helped Monobank grow to become one of Ukraine’s most popular financial institutions, with millions of active users relying on its services for daily financial management.

The implications of such high installment adoption rates extend beyond individual consumer behavior. Merchants on Monomarket benefit from increased conversion rates and higher average order values, as customers feel more comfortable making purchases when payments can be spread over time. This creates a virtuous cycle where more merchants join the platform, expanding product selection and attracting additional customers. As digital commerce continues to evolve, Monobank’s experience demonstrates how deeply integrated financial services can reshape consumer expectations and purchasing patterns in fundamental ways.