Monobank, a popular banking application in Ukraine, will launch a new product in Poland called stereo by mono. In addition to clever naming, the Polish version promises users the opportunity to get a virtual card for free, not to pay for its maintenance, as well as the absence of fees for top-ups, cash withdrawals, and transfers to Ukraine. The service is currently in pre-order mode, and a full launch is planned for the first quarter of this year.

Monobank has not yet named a European partner bank in which customer accounts will actually be created and which will become the card issuer. After all, just like mono in Ukraine, which works on the basis of Universal Bank, stereo in Poland will also be a card product with a mobile application, which will work on the basis of a certain bank. On the stereo website, it is only stated that the account will be opened in a bank “with a full European banking license”.

OROKINI SP. Z O.O. legal entity, which offers services under the stereo brand, is registered in Warsaw and according to incorporating documents is a joint venture of two Cypriot companies – Monopay Holdings Ltd. and Bubuleh Holdings Ltd. Both have 50% of the company.

Returning to the stereo offer, the product itself will be somewhat different from the Ukrainian one. In particular, it provides a monthly subscription to stereo+, which will allow you to issue a physical card for free, create an account in euros, make instant transfers in euros for free and use the Polish Express Elixir instant payment system. In addition, a paid subscription will allow you to add reactions and comments to transfers, receive priority support, not see advertising messages and choose the design of cards.

First of all, stereo will be aimed at Ukrainians who are currently in Poland and are familiar with monobank, which is also indicated by the possibility of quick registration in the application through Diia. However, monobank’s plans are clearly broader and it will be interesting to see how popular their product will become in the new market.