TOKYO | Japan's Mitsui has acquired 14.9% of Russia's Qiwi Ltd., which manages the country's largest payment system, Mitsui said on Tuesday.
"Mitsui aims to move into the field of payment terminals and electronic payments, which are widely used in Russia and other overseas countries to pay mobile phone and public utility bills and other charges and to develop business in the consumer goods sector in the Russian market. Qiwi is the biggest provider of these services in Russia," Mitsui said in a statement, without mentioning the value of the deal.
The stake acquisition contract was signed on December 20.
Qiwi also provides payment services in 15 countries in addition to Russia. It offers payment tools to consumers in emerging markets, especially the CIS countries, Eastern Europe, Central and South America and Southeast Asia, where other payment infrastructure, such as bank ATMs and debit/credit cards, are not widely available, the company said.