QIWI, a payment services firm, and MegaFon, a Russian telecommunications operator, have entered into a strategic partnership to develop electronic payments solutions and launch a co-branded product based on Visa QIWI Wallet technology.
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The partnership will allow MegaFon’s subscribers to make commission-free payments for a wide range of products and services including broadband internet, e-commerce and utility bills using their mobile phone balance and QIWI’s e-wallet accounts as the source of funds via the Visa QIWI Wallet.
The co-branded e-wallet will allow users to monitor their own balances and see the balances of their relatives and friends and top up their accounts apart from providing a 0.5% cash rebate to subscribers for payments conducted through the Visa QIWI Wallet.
QIWI CEO Sergey Solonin said: "To build a universal payment technology that allows customers to transact smoothly across a broad platform of payment instruments and interfaces is an important first goal for our new strategic partnership."
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By GlobalData
