Maria Girich: “Binding a marketplace to its own services creates risks for competition”

"Today, many marketplaces in Russia have their own financial services, becoming full-fledged fintech ecosystems. For example, Ozon, first of all, has a number of services for consumers like Ozon Card, credit services, deposits, savings accounts and so on. According to Ozon, the card is used in external transactions (not related to internal purchases on the marketplace): in 2024, more than 40% of card transactions were external transactions. Thus, Ozon is actually expanding banking services for consumers.

Therefore, the installation of ATMs may simplify the possibilities for consumers to use cash (i.e. card top-ups and cash withdrawals). For example, Ozon has accounts of different levels, such as «basic», where no identity confirmation (via Gosuservices or Ozon representative) is required to use the card. At the same time, such cards have limited opportunities for replenishment (for example, the rule about free transfer of up to 30 mn between their accounts does not apply). Therefore, ATMs may be an additional opportunity to replenish accounts without a fee (when exceeding the SPB limit of 100 thousand).

It should be noted that cash withdrawals to Ozon are now made through VTB ATMs, which entails commission for Ozon from VTB. And if the user withdraws not through VTB, but at ATMs of other banks, the user is charged 1% commission. Therefore, installation of its own ATMs will allow Ozon to reduce its dependence on the use of ATMs of other banks for cash withdrawals (like VTB), as well as to reduce its own and users' commissions.

In general, Ozon is developing a number of other fintech services, such as factoring services for businesses (payment for purchases or buyout of receivables), car leasing for entrepreneurs, insurance products (insurance for transportation companies operating through «Vozi Ozon» to cover losses due to loss or damage to cargo).

Although in this case we can also highlight an issue in terms of competition, when the marketplace actually binds the user to its own services, providing discounts when paying with an Ozon card. This causes the risk of creating a more favorable regime for the marketplace’s own financial services to the detriment of competitors' services," said Maria Girich.