QIWI has issued a credit card “Conscience”

The QIWI group, which manages the same payment service, has released its own credit card “Conscience” with interest-free installments, according to message received in . The card Issuer is part of a group QIWI QIWI Bank. The map developed in conjunction with Visa.

“Conscience” is a credit card with a credit limit from 5 thousand roubles to 300 thousand rubles, credit period of one to 12 months. The limit is renewable: once issued the card can be repeatedly to make purchases from various retailers and online. To receive credit only in the partner network QIWI, which includes clothing stores, household and electrical equipment, food products, cosmetics, and also “Aeroflot”.

Until the end of 2016 “Conscience” operates only in Moscow in a test mode. Launching to a mass audience starts in January—March 2017, said the company. In 2017 it is planned the release of “Conscience” in the regions.

QIWI claims that the moment map “Conscience” is the only product of its kind. As the company explains, traditionally, financial institutions earn interest on the loan while the business model of “Conscience” based on receiving commissions from retailers for referring customers. At the same time consumers have the opportunity to dispose of the funds on the card and return to the Bank only the cost of the purchases, not a cent, says the company. Partners of QIWI will earn by increasing the number of paying customers, number of transactions, volume of the basket and the average check. The amount of Commission the company does not specify.

By 2020 the company plans to produce more than 4 million cards, and by 2025 their number will increase to 8 million, stated in the release.

New “Conscience” will have a significant impact on the profit QIWI 2017 due to large-scale investments in it, said co-owner and CEO Sergey Solonin journalists Tuesday, November 22.

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The QIWI group manages one of the largest Russian payment services. Its structure consists of “QIWI wallet” QIWI Bank, QIPS LLC, “Kiwi provider of payment services”, as well as 70% of the money transfer system Contact. In may 2013, the company completed an IPO on the NASDAQ in October the same year and in may 2014 secondary offering.

The company ended the third quarter of 2016 at a profit. Adjusted net profit according to IFRS QIWI, in July—September rose at an annual rate of 12%, to 1.27 billion rubles ($20.1 million), or RUB 20,9 per share. Adjusted net revenues increased by 5%, to 2.66 billion rubles ($42.1 million). Adjusted EBITDA rose 25 percent to 1.67 billion rubles ($26.4 million).