The agreement brings together two assets: Visa's extensive retail payments network and a digital wallet solution, which is leading-edge here in Russia. The pairing up of Visa and QIWI, which we are announcing today, offers a powerful new solution to making this happen. "In a country like Russia, where cash is king, we need to provide clear incentives to consumers to move towards electronic payments, which are more secure, convenient and efficient. Consumers can also use the wallet for payments via various interfaces including web, mobile, social networks and at self-service kiosks. This will allow consumers to pay over 27,000 online merchants and to make payments at millions of retailers that accept Visa worldwide. Over the course of 2013, QIWI and Visa will work to open the QIWI platform to other Visa issuers in Russia and CIS. This will extend the reach of electronic payments and utility of Visa cards in Russia.Īs part of the agreement, QIWI and Visa will transition the QIWI wallet from a single bank model to a digital wallet with a stored value account based on Visa prepaid card that can be issued by any Visa client-bank. The QIWI Wallet, with more than 9 million active consumer accounts, will be linked to Visa prepaid payment functionality and services. This has resulted in $12 billion in electronic payment volume in 2011, a significant step for Russia where more than 90% of payments are still cash-based. Over the past five years, QIWI has introduced more than 100,000 cash kiosks on street corners, at subway stations and merchant locations helping over 50 million Russian consumers monthly to convert cash into electronic payments. It will assist Visa in providing innovative new services to Visa cardholders, and will enable QIWI to extend their kiosk and digital wallet services internationally. The wallet builds on the existing, successful relationship between Visa and QIWI, the leading provider of digital wallets in Russia and issuer of Visa cards. (NYSE:V) and QIWI Limited, a leading provider of payment services in Russia, have formed a strategic alliance to introduce a digital wallet that will enable consumers to access a wide variety of electronic payment options. QIWI, a leading electronic payments provider in Russia, and Visa introduce a co-branded product that combines the QIWI digital wallet with Visa payment functionality and services
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