QIWI buys Money Mail.ru payment service

    QIWI Group announced its intention to buy out the payment service “Money Mail.ru” , owned by Mail.ru Group. At the same time, according to the representative of QIWI Ksenia Vasilyeva, this is not a purchase in her usual sense, but the placement of QIWI payment instruments on Mail.ru sites.

    The details of the transaction have already been negotiated, but they have not yet been disclosed to a wide range of users, we will learn about them later, in the process of integrating processing. In the meantime, neither the start date of the “Money” transition, nor the amount of the contract has been unambiguously determined. According to experts, the acquisition cost will range from $ 10 million to $ 20 million. The indicators “Mail.ru Money” also remain a mystery to prying eyes. It is only known that after the end of the transition period, QIWI will be engaged in the implementation of all payment transactions of the service. Along with the Money.ru project, QIWI also receives a payment acceptance channel for users of other Mail.ru Group projects (My World, VKontakte and Odnoklassniki social networks, an online game project, etc.). And this, according to various estimates, from 1 to 2 million customers, one way or another using “Money Mail.ru” to make various payments.

    As can be seen from the graph above, in 2012 about 10% of Russian users made their payments through the QIWI payment service, in 2014 this figure increased to 21%. By purchasing Money Mail.ru, QIWI will receive another 6% of potential customers from the total number of Russian users, which will allow the company to overtake its closest competitor, Yandex.Money, by 5%.

    QIWI Group Chairman Boris Kim is convinced that the deal will be the next step in expanding a mutually beneficial strategic partnership with Mail.Ru Group. The companies insist that this step is aimed primarily at increasing the level of security and convenience of customer payments. According to Dmitry Grishin, CEO of Mail.Ru Group, the payment service has never been a core business for the company, and its sale to the QIWI group will significantly improve the efficiency of using Money.

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