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MAGNIT PJSC (MGNT)
Magnit Started Implementing Pay-With-A-Glance Technology in its Stores
22-Apr-2021 / 13:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
MAGNIT started IMPLEMENTing PAY-WITH-A-GLANCE TECHNOLOGY IN ITS STORES
Krasnodar (Russia), April 22, 2021: Magnit PJSC (MOEX and LSE: MGNT; the Company), one of Russia's leading retailers, continues to introduce convenient checkout technologies. A new "pay-with-a-glance" payment option is already available in ten stores of almost every format of Magnit stores in the cities of Moscow, Krasnodar, and Rostov-on-Don. By June, the Company plans to expand the service to more than 100 stores in Moscow and Krasnodar.
The pay-with-a-glance payment service is being implemented in a partnership with Sberbank. The solution uses a tablet fitted with a 3D camera that can easily read facial features and curves and account for possible changes in appearance thanks to its high recognition accuracy and depth mapping. The bank ensures maximum security and prevents any hacking or spoofing of biometric data due to continuous improvement of recognition methods.
The new technology is available to Sberbank's customers who have already enabled face recognition at a branch office or in the Sberbank Online mobile application and assigned the card to debit funds from. When checking out in a Magnit store where the technology is being tested, the customer just needs to select the "Pay with a Glance" option on the keypad display and look at the tablet-no other actions are required.
Magnit has not limited piloting of the pay-with-a-glance payment solution to one format - the new feature is already available in Magnit Convenience and Cosmetic stores, Magnit Family supermarkets, and Magnit Extra superstores, both at self-service terminals and at regular staffed checkout desks. The service is also available in Magnit's new format - Magnit Go kiosk, located near the Company's HQ in Krasnodar.
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Eduard Iryshkov
Director of Magnit's Retail Technologies Department
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"The new technology makes it easy to purchase goods without cash, a card, or a phone. Preliminary results show that the payment process has accelerated several times and now takes only 3 seconds instead of 34 when paying cash and 15 in case of cashless payment. The decision on scaling will be taken once we examine customer feedback and potential impact of the service on the business performance."
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Dmitry Malykh
Director of Sberbank's Acquiring Division
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"Biometrics isn't just another 'future tech' anymore, it's a part of our daily life. Now you can pay for groceries at your neighborhood store with a single glance. We're very happy to see how fast this technology is gaining in popularity. In less than a year, we have moved on from piloting the project in Moscow coffee shops to implementing it in retail stores in the regions. I'm certain that this is only the beginning and that, in the future, this payment option will become more popular than paying by card or cash."
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Note to editors
Public Joint Stock Company "Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of December 31, 2020, Magnit operated 38 distribution centres and 21,564 stores (14,911 convenience, 470 supermarkets and 6,183 drogerie stores) in 3,752 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the audited IFRS 16 results for FY 2020, Magnit had revenues of RUB 1,553.8 billion and an EBITDA of RUB 178.2 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB.
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Forward-looking statements
This document contains or may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected sales growth rate and/or store openings are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Magnit as of the date of the statement. All written or oral forward-looking statements attributable to Magnit are qualified by this caution. Magnit does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.
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