Magnit Pay

The main articles are:

• Electronic payment systems in Russia
• Payment system

2023: Service Closure

Magnit closes the Magnit Pay payment service after 2 years of operation. The press service of the retailer announced this on March 21, 2023.

User maps will become unavailable from March 27, 2023. Until then, customers must withdraw their card balance. To do this, as reported in Magnit, you can pay for purchases in the retailer's stores as follows:

Go to the Magnet app in the Today section and click on the QR code. Tell the cashier that you want to pay for the purchase with a QR code and show the QR code. The cashier will scan the QR code twice: the first time to credit bonuses to the Magnet bonus card, the second time to pay with Magnit Pay. As before, you'll get an extra 0.5% bonus on purchases with Magnit Pay. They are summed up with the bonuses of the Magnet loyalty program.

Magnit Pay user cards will become unavailable from March 27

In addition, to withdraw funds, you can pay for the Internet, cellular communications, etc. Or you can withdraw the remaining money to the card of another bank.

The company did not explain the reasons for the termination of the service, but admitted in an interview with RBC that it could resume the work of payment cards.

The Magnit Pay service allowed you to pay for purchases in Magnit stores using a QR code, pay bills for cellular communications, Internet, television, pay in Russian online stores, replenish transport cards and "Arrow". "Troika" It is noted that in the first month and a half, 1.5 million people became customers of the service. The company planned to launch non-financial services within Magnit Pay - calling a taxi, delivering food, paying for subscriptions to various resources and booking tables in restaurants. The service made it possible to store no more than 60 thousand on a virtual card, and rubles spend no more than 200 thousand rubles a month.^[1]

2020: Magnit Pay Payment Service Launch

VTB and Magnit launched the Magnit Pay payment service, which will be the first stage in the formation of a single superapplication of the retail network. This became known on December 15, 2020. It will combine the possibilities of ordering goods online, payment and credit services, lifestyle and other non-financial services for buyers, as well as privileges from the retailer's partners.

The Magnit Pay payment tool will allow you to pay for purchases in any store, including online. After registration application with the buyer, he will receive expanded opportunities - the release of a digital card, on which it will be possible to hold up to 60 thousand rubles and spend up to 200 thousand rubles of his personal funds every month, as well as make transfers to others. the Russian maps You can replenish it for free from any other cards or add services to Rau. loyalty programs As a bonus, participants will be awarded an additional 0.5% of the purchase amount for Magnit Pay, and the first 30 days - twice as much.

In the first half of 2021, the functionality of Magnit Pay will be significantly expanded. It will be possible to pay for the services of third parties (housing and communal services, communications, fines), contactless payment will be implemented for phones that do not support NFC, money transfers between members of the Magnit loyalty program will be launched by phone number. Customers of the retail chain will be able to withdraw cash from VTB ATMs using only a QR code.

In the future, the superapp may include non-financial services for paying for and ordering a taxi, tickets to cinemas and theaters, the possibility of booking restaurants and ordering food delivery, as well as subscriptions to other resources. In addition, in the future, the super application will integrate its own service for the delivery of goods from all Magnit formats.

The launch of Magnit Pay is an important step in creating the Magnit super application. We want to always be there for the buyer, so we are looking to create convenient and affordable services for every day. Over the coming months, we will hone the basic functionality of Magnit Pay and gradually add services to expand opportunities for our customers and make participation in the Magnit ecosystem as attractive as possible for buyers, "commented Florian Jansen, Deputy General Director, Executive Director of the Magnit network.

The digital platform is a project of a banking group and a retail network involving cross-format retail, "says Andrei Makarov, General Director of the VTB Lifestyle Platform Group project.

Based on the Magnit Pay application, we will combine non-financial services and credit products, so customers will not need to contact the bank to issue a card or make a payment. All this will instantly work in the application, the audience of which will be several million people. An important task of VTB is to bring simple and high-quality financial services to the applications and superapps of our strategic partners. We see great potential in integrating our products into life-style services for a large number of market participants, combining convenient tools in one interface to solve everyday issues in various areas of life, "says Svyatoslav Ostrovsky, a member of the VTB Board of Directors, commenting on the development of the project.

Members of the retail chain loyalty program can use the Magnit Pay service. To do this, you need to download the Magnit application to your phone. The service is a virtual bank card that is released automatically in the application without a visit to the bank. The user only needs to top up the card, after which you can make payments. The virtual card can be replenished from any Russian bank cards directly in the application without a commission.

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