PrivatBank launches Envelopes, service for collecting donations, as Monobank reacts ironically
PrivatBank has launched a beta version of a new service - Envelopes - in its Privat24 app, designed for volunteer fundraising, savings, and management of personal finances, and invited customers to test it, the state bank’s press service announced on Jan. 11.
“Envelopes are a convenient financial tool that will help volunteers quickly collect donations collectively, and all customers can save their own money for important goals and manage their finances,” said Dmytro Musiyenko, PrivatBank Retail Banking Board Member.
An Envelope can be opened in Privat24 - in the Envelopes menu or the Wallet menu.
“To quickly collect the required amount of donations, you just need to add a description of the collection, an image and share the Envelope on social media,” the statement reads.
“It can be topped up like a regular card, and all participants in the collection will see its goal and progress towards it.”
Funds from an Envelope can be spent directly without transferring them to a card. You simply add the Envelope to your Google Pay or Apple Pay wallet. You can also freely transfer funds from Envelopes to your own cards, other people’s cards, and even to the Envelopes of friends, acquaintances, family members, etc.
Monobank introduced an equivalent service called Jars in 2020.
Oleh Horokhovskyi, a former top manager of PrivatBank and co-founder of rival Monobank, collected ironic comments on the new service in his Telegram channel:
- “Break the jar in whatever branch you opened it”
- “Deposits are possible from 9 a.m. to 1 p.m. from Monday to Friday. Funds are credited within three banking days”
- “Oshchadbank responds by issuing its own ‘under the mattress’ analog, which can be used as a regular debit card”
- “Some people will look for the second part of their salary there out of habit”
- “Finally, wages in envelopes go official”
- “A swift response”
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