Russian food retailer X5, which operates the Pyaterochka, Perekrestok and Karusel retail chains, has announced the pilot launch of the X5 Bank brand to offer financial services.
The initial stage includes digital cards, which provide services offered by Pyaterochka and Perekrestok loyalty cards, with banking services such as payments, money transfers and Rouble-denominated cashback.
Go deeper with GlobalData
Currently, the digital X5 Card is available to users of the Perekrestok mobile app in 10 cities. Soon, it will be launched for Pyaterochka customers in 13 cities.
X5 Group CEO Igor Shekhterman said: “X5’s strategy calls for a presence at every stage of the customer journey, which is why we launched X5 Bank. We are the first to launch one of the most highly sought-after banking products – a debit card that combines both loyalty points and banking functionality.
“This is the sort of business that will enable us to be even closer to our customers and to offer convenient new possibilities for the customer.”
Users can order their card by updating their loyalty card to a bank debit card via Perekrestok or Pyaterochka mobile app.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataX5 Bank counters will also be able to issue cards, which X5 plans to open at 30 Pyaterochka stores in Moscow over the next month
X5 noted that it will offer card users up to 2% cashback on expenses and up to 8% interest on their balance.
An independent firm founded by X5 Group and Alfa Bank will carry out the X5 Bank project.
