Magnit to suspend Magnit Pay service from March 27

MOSCOW. March 22 (Interfax) - Magnit is suspending its Magnit Pay service effective March 27, the retailer said in a statement to clients posted on its website.

"The Magnit Pay service will be suspended effective March 27. The cards will not be available for use. Please spend or withdraw the remaining funds from Magnit Pay cards by March 27," according to the statement on the website.

"We are suspending the current project, though we do not rule out restarting it going forward," the retailer's press service told Interfax, without specifying the reasons for the upcoming suspension of service.

In order to withdraw funds, Magnit recommends paying for purchases via QR code in a store of the Magnit chain, or paying for the internet, cellular communications, TV, or transport without commission through the Magnit app, as well as paying for purchases in Russian online stores. Moreover, the remaining funds could be transferred to another bank's card.