carsales teams up with Monoova to roll out payment solution

Developed in collaboration with Monoova, carsales’ solution focuses on ensuring that funds are released only after both buyers and sellers are satisfied with the transaction. By paying via carsales, individuals are set to be able to mitigate the uncertainties usually associated with bank transfers, cheques, and cash exchanges, benefiting from a simplified process and improving the overall private buying and selling experience.

The partnership with carsales follows Monoova’s collaboration with Fastly from March 2024, when the two companies teamed up to offer augmented transaction security for the company’s clients. The decision to deploy Fastly came after a proof-of-concept (POC) trial during which Monoova examined the platform’s performance and scalability.

carsales and Monoova’s payment solution

By conducting transactions via carsales, buyers can initiate an offer to a seller through the platform and, once it is accepted, the buyer can deposit funds into a secure virtual account. The funds are held in this account until both parties are ready to finish the transaction. Additionally, to further scale security, carsales validates an identity document for the buyer and seller. Representatives from carsales commented on the announcement, mentioning that, by joining forces with Monoova, the two companies intend to equip Australians with a safe way to buy and sell private second-hand vehicles online. The initiative focuses on providing an optimised transaction experience to make the payment of vehicles more secure by scaling transparency for customers and supporting them in ensuring that their funds are safe and their transactions are legitimate.

Furthermore, carsales and Monoova received positive feedback from customers regarding the solution since it was introduced in October 2024. Monoova underlined that the capability merges virtual account technology and real-time payments to equip users with more control over their transactions. This aims to increase trust while also further advancing the digital marketplace for cars.