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Russian retailer Magnit has launched its Magnit Pay payment service and will create a super app

December 15, 2020, 17:30 (UTC+3)|

One of the largest Russian retailers, Magnit, will create a super app that on the basis of the loyalty programme will combine the ability to order goods online, payment and credit services, as well as other non-financial services for customers, the company said.

The first stage was the launch of the Magnit Pay payment service, developed jointly with VTB Group. Using the service, it will be possible to pay for purchases in any store, including online.

In the first half of 2021, the functionality of Magnit Pay will be expanded. It will be possible to pay for third-party services (utilities, communications, fines), contactless payments for phones that do not support NFC will be implemented, and money transfers between loyalty program participants by phone number will be launched. Customers of the retail network will be able to withdraw cash from VTB ATMs using a QR code.In the future, the superapp can include non-financial services of paying and ordering a taxi, tickets to cinema and theaters,  restaurant booking and ordering food delivery, as well as subscription to other resources. In the future, the super-application will integrate its own service for the delivery of goods from all of the Magnit stores, the company explained.

Original (in Russian)


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