Ozon, one of Russia’s leading online marketplaces, has denied accusations by the Central Bank that its discount policy for customers using subsidiary banks distorts competition. The company stated that the discounts are part of its strategy to enhance customer experience and support local banking systems. Central Bank Governor Elvira Nabiullina reportedly proposed banning online marketplaces from offering discounts for customers who pay with their own subsidiary banks. This proposal has sparked debate among industry experts and market participants.
The Central Bank’s claim centers around concerns that discounts for using subsidiary banks might create an unfair advantage, potentially undermining competition in the online marketplace sector. Ozon’s response emphasized that the discounts are designed to incentivize customer loyalty and increase the use of local financial services. The company has not provided specific details on the nature or extent of the discounts, but it has reiterated its commitment to regulatory compliance and fair market practices.
Industry observers have pointed out that the Central Bank’s proposal may have broader implications for the digital economy. If implemented, such regulations could significantly impact the business models of online marketplaces and the strategies of banks seeking to collaborate with them. The situation highlights the ongoing tension between regulatory oversight and the need for innovation in the financial services sector.