Magnit launched Magnit Pay – its own analogue of Apple Pay and Google Pay

Magnit, which owns a large retail chain in Russia, announced the start of creating a super-application that will incorporate various services and financial services. The first stage of the project was the launch of the Magnit Pay payment system.


Photos “Magnet”

The Magnit Pay platform was developed in partnership with VTB Group. We are talking about an analogue of the contactless payment services Apple Pay, Google Pay and Samsung Pay.

The Magnit Pay service is available to members of the retail loyalty program. To do this, you need to download the “Magnet” mobile application and issue a card for yourself – after that you can contactlessly pay for purchases at the chain’s retail outlets.

Magnit Pay now works on NFC-enabled devices. In the future, contactless payments for smartphones without an NFC chip will be implemented. In addition, it is planned to organize the possibility of money transfers between the participants of the “Magnit” loyalty program by phone number, as well as to provide support for payments for utilities, communications, fines, etc. Customers of the retail network will also be able to withdraw cash from VTB ATMs using only a QR code.

Magnit Pay will allow you to pay for purchases in any store, including online. After registering in the application, the buyer will receive advanced features – the issue 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 personal funds monthly, as well as make transfers to other Russian cards“, – the message says.

As for the above-mentioned super-application, its functions will expand. There will be options for paying and ordering a taxi, cinema and theater tickets, the possibility of booking restaurants and ordering food delivery. In the future, its own service for the delivery of goods from all stores of the Magnit chain will become available.

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