Qiwi and the Russian Post have formed a partnership to offer money transfer services.

Consumers in Russia can now receive funds in 42,000 post offices across the country from transfers initiated online, through Qiwi kiosks and the Visa Qiwi Wallet mobile application. For an additional fee, the funds can also be sent directly to the recipient's home.

All transactions are performed in rubles, with a limit of 15,000 rubles per transfer. Funds become available at the chosen post office one business day after the transfer was requested.

Altogether, Moscow-based Qiwi aims to make its money transfer services more readily available to Russian consumers through the agreement.

"The strategic partnership with Russian Post will enable us to attract new users and make our services more convenient and available for people throughout the country," said Anna Stoklitskaya, managing director at Qiwi Group, in a May 19 news release.

Annually, the Russian Post process 3.5 trillion rubles in financial transactions, including pensions, payments and money transfers.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry