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OJSC 'MAGNIT' (FRA:5M71) Magnit Launches Payments for Communication, TV and Transport Services via Magnit Pay

Directive transparence : information réglementée

25/03/2021 09:05

MAGNIT PJSC (MGNT)
Magnit Launches Payments for Communication, TV and Transport Services via Magnit Pay

25-March-2021 / 11:05 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


Press-release | Krasnodar | March 25, 2021.

 

Magnit Launches Payments for Communication, TV and Transport Services via Magnit Pay

 

Krasnodar, Russia (March 25, 2021): Magnit PJSC (MOEX and LSE: MGNT; the Company, Magnit), one of Russia's leading retailers, became the first Russian retailer to enable its customers to pay for mobile, Internet, and TV services as well as to top up transport cards via its app-the respective features were added to the Magnit loyalty program app after its update.

The new functions are available to users of the Magnit Pay payment service, which was developed jointly with VTB Group and launched in mid-September 2020. Since then, about 180,000 Magnit customers have become active users of the payment service, and over 77,000 people have added their Magnit Pay card to contactless payment services (Apple Pay, Google Pay, etc.). About 50% of customers using Magnit Pay do so outside of the Magnit's ecosystem. The overall number of virtual Magnit Pay cards issued exceeds 3 million.

The update enables using Magnit Pay to pay for communication, Internet, and TV services in the Magnit loyalty program app. It is also possible to top up Troika and Strelka transport cards. All these payments are accepted commission-free.

Magnit is expanding the features of its loyalty program seeking to use it as a foundation for its future super app. In the nearest future, the Company plans to add several new options, including services to pay utilities, fines, taxes, etc.

"We continue to develop the Magnit Super App and fill it with useful features. An option that allows paying for telecom and transport services directly from the app will enhance its value for customers. It will also help expand Magnit Pay's audience, which is already growing at rates far beyond our expectations," - commented Florian Jansen, Magnit Deputy CEO and Executive Director.

"We are pleased to see our BaaS (Banking as a Service) tech platform help Magnit Pay evolve from a payment card solution to a full-fledged banking app for everyday use, which is supported by the fact that it now has 180 thousand active users. This is exactly why we are developing our platform - to provide convenient banking services to our partners' customers. In the nearest future, Magnit Pay will get new features, like QR code-based payments, credit brokerage services, and a lot more," - noted Svyatoslav Ostrovsky, Member of VTB's Management Board.

In the future, Magnit's super app will also offer non-financial services, like getting a taxi, purchasing tickets, making reservations, and ordering food delivery. An in-house service to deliver goods from all formats of Magnit stores will also be integrated in the app.

For further information, please contact:

 

 

Dmitry Kovalenko

Director for Investor Relations

Email: dmitry_kovalenko@magnit.ru

Office: +7 (861) 210-48-80

 

 

Dina Chistyak

Director for Investor Relations

Email: dina_chistyak@magnit.ru

Office: +7 (861) 210-9810 x 15101

 

 

Media Inquiries     Twitter

Email: press@magnit.ru    @MagnitIR

 

 

Note to editors:

Public Joint Stock Company "Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of December 31, 2020, Magnit operated 38 distribution centres and 21,564 stores (14,911 convenience, 470 supermarkets and 6,183 drogerie stores) in 3,752 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS 16 results for FY 2020, Magnit had revenues of RUB 1,553.8 billion and an EBITDA of RUB 178.2 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB.

 

Forward-looking statements:

This document contains or may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected sales growth rate and store openings are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Magnit as of the date of the statement. All written or oral forward-looking statements attributable to Magnit are qualified by this caution. Magnit does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.

 



ISIN: US55953Q2021
Category Code: MSCU
TIDM: MGNT
LEI Code: 2534009KKPTVL99W2Y12
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 96224
EQS News ID: 1178335

 
End of Announcement EQS News Service

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