Russia's Magnit Launches Credit Broker Service

By Steve Wynne-Jones
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Russia's Magnit Launches Credit Broker Service

Russian retailer Magnit has launched a credit broker service through its mobile app, which enables users to apply for a credit card and receive a rapid response from partner banks.

The retailer is the first in Russia to offer such a solution, it said in a statement.

To apply for a credit card, an app user simply needs to fill out a form on the app which will then be sent for consideration to partner banks connected to the broker.

Once the application has been reviewed, the user will receive an e-mail with the bank's decision and – in case of approval – the proposed terms.

Customer Loyalty

"We continue to develop a customer-centric ecosystem of complimentary services," commented Jan Dunning, Magnit CEO.


"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 of last year, Magnit announced development of its so-called 'super app', which uses the retailer's existing loyalty programme to bring together online ordering, payment and credit solutions, lifestyle and other non-financial customer services, as well as perks from its partners.

In the past few months, it has added mobile internet and TV payment services, as well as a feature to top up transport cards, to its loyalty programme application, while it also intends to incorporate new functionalities, including services to pay utilities, fines, taxes, etc.

Magnit recently announced the acquisition of the Dixy retail chain, with which it is seeking to bolster its position in Moscow.

© 2021 European Supermarket Magazine. Article by Stephen Wynne-Jones. For more Technology news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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