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Magnit launches Magnit Pay

12/15/2020 | 02:00am EDT
 
 MAGNIT PJSC (MGNT) 
Magnit launches Magnit Pay 
 
15-Dec-2020 / 09:59 MSK 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Press-release | Krasnodar | December 15, 2020. 
 
                                                  Magnit launches Magnit Pay 
 
 The payment service represents the first step in creating the Company's own 
                                                                  super app. 
 
Krasnodar, Russia (December 15, 2020): Magnit PJSC (MOEX and LSE: MGNT; the 
Company), one of Russia's leading retailers, has initiated development of 
its super app, which will use the existing loyalty program to bring together 
online ordering, payment and credit solutions, lifestyle and other 
non-financial customer services, as well as privileges from its partners. As 
the first stage in creating the super app, the Company launched the Magnit 
Pay payment service, developed in partnership with VTB group. 
 
     The Magnit Pay tool enables customers to pay for their purchases in any 
      store, including online. Having registered in the app, users will have 
      access to enhanced capabilities that allow issuing a virtual card with 
     balance and monthly spending limits up to 60 and 200 thousand rubles of 
    personal finances, respectively. This card will also enable customers to 
transfer money to any Russian card. Customers can top their card up for free 
    as well as add it to various Pay services. Loyalty program members using 
  Magnit Pay will get an additional 0.5% of their purchase amount accrued as 
  bonus points. For 30 days after the first purchase, customers will receive 
                                                       double point rewards. 
 
  In H1 2021, Magnit Pay's functions will be significantly expanded. It will 
 allow users to pay for third-party services (utilities, telecommunications, 
        fines). The company also plans to introduce contactless payments for 
  customers whose smartphones are not NFC-enabled and wire transfers between 
 members of its loyalty program. Magnit's customers will be able to withdraw 
                                    cash from VTB ATMs using only a QR-code. 
 
 Over the long term, the superapp is planned to cover non-financial services 
 for ordering and paying for taxi and cinema and theater tickets. Users will 
  be able to make reservations and food delivery orders as well as subscribe 
       to other services. Ultimately, the superapp will also incorporate the 
             Company's own service to deliver goods from all Magnit formats. 
 
          "The launch of Magnit Pay represents an important milestone in the 
 establishment of Magnit's superapp. We want to be at our customers' side at 
all times, and so strive to create convenient and easily accessible services 
  they can use every day. During the coming months, we will refine the basic 
functionality of Magnit Pay and incrementally add new services to expand the 
 opportunities for our customers and make being a part of Magnit's ecosystem 
as rewarding as possible,"-commented Florian Jansen, Magnit's Deputy CEO and 
                                                         Executive Director. 
 
  "Using Magnit Pay, we'll bring together non-financial services and lending 
 products, so our customers wouldn't need to go to a bank to issue a card or 
  make a transaction. All this will be available at a moment's notice in the 
   app, which will serve an audience of several million people. One of VTB's 
        major objectives is to incorporate simple yet high-quality financial 
services into regular and super apps of our strategic partners. We see great 
 potential in integrating our products into lifestyle services catering to a 
      broad audience to enable customers to use a single interface to access 
 convenient tools allowing them to address a wide range of everyday problems 
      related to various aspects of their life,"-noted Svyatoslav Ostrovsky, 
                                      Member of the Management Board at VTB. 
 
"The new digital platform is the first joint project between a banking group 
    and a retail chain in the world aimed at cross-format retail,"-commented 
  Andrey Makarov, CEO of Lifestyle Platform project of VTB Group. Magnit Pay 
  is available to members of the Company's loyalty program. The service will 
   allow them to issue a card and use any NFC-enabled device for contactless 
   payments when shopping. To use Magnit Pay, customers have to download the 
                                             Magnit app to their smartphone. 
 
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 
 
Media Relations Department 
 
Email: press@magnit.ru 
 
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 September 30, 2020, Magnit operated 38 distribution 
   centres and 21,154 stores (14,699 convenience, 469 supermarkets and 5,986 
  drogerie stores) in 3,819 cities and towns throughout 7 federal regions of 
                                                     the Russian Federation. 
 
 In accordance with the unaudited IFRS 16 management accounts results for 1H 
    2020, Magnit had revenues of RUB 763.4 billion and an EBITDA of RUB 86.9 
     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 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.:   89696 
EQS News ID:    1155135 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

December 15, 2020 01:59 ET (06:59 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
LONDON STOCK EXCHANGE PLC 1.10% 7926 Delayed Quote.-12.97%
PUBLIC JOINT STOCK COMPANY MAGNIT -1.68% 5653.5 End-of-day quote.-0.26%
RTS INDEX -2.08% 1706.95 Real-time Quote.22.90%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.25% 72.9969 Delayed Quote.-1.33%
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