Russia's biggest payment system QIWI begins operations in Europe

© Pavel Lisicin
QIWI has started its payment service in Latvia. It will operate in euro and be available in the Russian, English and Latvian languages.

The move became possible after QIWI’s European subsidiary received a license from Latvia’s Financial and Capital Market Commission (FKTK). Latvia allows companies to issue electronic money and provide payment services specified in the license, and open representative offices in all EU countries.

"The European market has got many financial services in various formats. They are developed both by major banks and start-ups. We are confident that we have created a really competitive payment service for the European market,” said SIA QIWI Wallet Europe Executive Director Stanislav Tchaikovsky.

The payment system will have iOS and Android apps. The currency for all transactions, including deposits and transfers between users will be in euro. Latvians will be offered an expanded list of providers that includes both Russian and local companies.

The QIWI payment service currently has more than 149,000 terminals that can be used for money transfers, banking services and other purposes. The company processes more than $1 billion in transfers a month.

Apart from terminals, the company offers clients a Visa-backed eWallet. Using the service, customers can create a QIWI Visa Virtual or order a QIWI Visa card for $1.50.