2 Jul 2021 10:50
MAGNIT PJSC (MGNT) Magnit issues 5 million Magnit Pay cards 02-Jul-2021 / 12:50 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
MAGNIT ISSUES 5 MILLION MAGNIT PAY CARDS Krasnodar, July 02, 2021: Magnit PJSC (MOEX and LSE: MGNT; the Company, Magnit), one of Russia's leading retailers, tallies up the results of its payment service Magnit Pay for seven months. Since the launch in December 2020, the Company has issued 5 million virtual payment cards. At the same time, about 65% of holders use this service for purchases outside Magnit ecosystem. Most often, virtual cards are used in grocery stores, cafes, and restaurants, as well as for payment for delivery services. Holders of virtual cards are frequent visitors of Magnit stores. Average ticket of customers using Magnit Pay increased by about 15% during the first month of using the card. Besides, holders of Magnit Pay cards visit Magnit stores twice as often as the participants of the Company's loyalty program.
In December 2020, Magnit announced the development of its super app based on the existing loyalty program to unite online shopping, payment and credit solutions, lifestyle and other non-financial customer services, as well as benefits from its partners. The launch of Magnit Pay payment service, developed jointly with VTB Group, was the first step. This spring the Company became the first retailer in Russia to add mobile, Internet and TV payment services, as well as a feature enabling to top up transport cards, to its loyalty program application. All these payments are processed without any commission. Later, Magnit launched a solution that enabled Magnit Pay cardholders to pay for their purchases using the same QR code as used in the loyalty program. And in June, the Company launched the online Credit Broker service, which is now at the MVP (Minimum Viable Product) stage. With the help of this service, any user of the Magnit mobile app can apply for a credit card and shortly receive a response from the partner banks connected to the service. In the near future Magnit intends to incorporate new options into the application, including services to pay utilities, fines, taxes, etc.
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| 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.: | 115209 |
| EQS News ID: | 1214928 |
| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.