Magnit launches credit broker service

Magnit has become the first retailer in Russia to introduce this solution.

KRASNODAR, RUSSIA: Magnit PJSC, one of Russia’s leading retailers, has launched the Credit Broker online service that allows any user of the chain’s mobile app to apply for a credit card and receive a quick response from partner banks connected to the service.

The Credit Broker is available to all Magnit mobile app users. To apply for a credit card, a user simply needs to go to the Magnit Pay tab and fill out the form which will be sent for consideration directly to the partner banks connected to the Credit Broker.

Once the application has been reviewed, the user will receive an e-mail with the banks’ decision and – in case of approval – the proposed terms. Following the selection and confirmation of the proposal of interest by the user, the bank representatives will call the user to offer options for obtaining a card through their available channels (including home delivery, or the user might be offered to visit a branch office of the bank, or the chain outlet).

Jan Dunning, President and CEO of Magnit Retail Chain said, “We continue to develop a customer-centric ecosystem of complimentary services. Today we have launched the credit broker service in our app. It will allow users to receive credit offers from banks in a convenient and fast way. We hope that the new service – coupled with Magnit Pay that was launched earlier – will contribute to higher customer loyalty towards Magnit brand”.

In December 2020, Magnit announced development of its super mobile app, which uses the existing loyalty program to bring together online ordering, payment and credit solutions, lifestyle and other non-financial customer services, as well as perks from its partners.

As the first stage in creating the super mobile app, the Company launched Magnit Pay payment service, developed in partnership with VTB group. As of today, over 227,000 customers of Magnit have become active users who have added Magnit Pay to NFC payment services (Apple Pay, Google Pay, etc.).

Around 45% of Magnit Pay members use the solution for making purchases outside of Magnit’s ecosystem. The total number of issued Magnit Pay virtual payment cards exceeds 4,5 million.

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 accepted commission-free. 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. 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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