As part of the agreement, QIWI Group will grant Revolut access to its banking infrastructure via open APIs. QIWI APIs provide access to the infrastructure of QIWI Bank, including its banking licenses and technologies for customer identification, payment processing, and card issuance.
In Russia, Revolut will only provide financial services to individuals. During the launch phase, basic product offering will be available including a mobile application and a multi-currency VISA card that allows users to make payments, money and FX transfers in 130 currencies, as well as cash withdrawals from ATMs around the world. This product is free of charge for users.
FX and money transfers as well as cash withdrawals will be available at the interbank rate, without user commissions. Money transfers to 120 countries and wallet functionality in 26 currencies will be also available in the application.
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