Russian food retailer, that operates Pyaterochka, Perekrestok and Karusel brands, will uplift loyalty cards and add banking services such as payments, money transfers and rouble-denominated cashback.
As more and more companies tap into banking-as-a-service, the Russian grocer will allow users to order a plastic debit card and soon 30 Pyaterochka stores in Moscow will issue cards.
Users will be able to replenish their X5 Card through the Perekrestok, Pyaterochka and Alfa Bank mobile apps without fees, at the ATMs of any bank in the Russian Federation or through the Faster Payments System.
X5 Card users will also receive cashback of up to 2% on purchases, and up to 8% annual interest on their balance. The project will be carried out by an independent company, whose founders include X5 Group and Alfa Bank.
Igor Shekhterman, CEO of X5 Group 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.”