MOSCOW, November 22. /TASS/. Payment service Qiwi payment service issued an interest-free credit card Sovest, Qiwi CEO Sergey Solonin said on Tuesday.
According to the company’s press release, the card is "a new consumer oriented payment-by installments card product developed to help customers get easy, convenient and transparent access to funds and purchase goods and services from partner merchants in the most beneficial way."
By 2020, this project can bring the company half of Qiwi operating profit. However, according to Solonin, the project could lead to a double reduction of the company's earnings in 2017.
According to company’s financial statements, the adjusted net profit of Qiwi in the Q3 2016 increased by 12% to 1.27 bln rubles ($19.92 mln).
"In the third quarter we continued to face challenges across most market verticals in our core business that were triggered among other factors by the macroeconomic slowdown in Russia. Notwithstanding the challenging market, we managed to increase our payment adjusted net revenue as well as adjusted net profit," Solonin commented on the results.