VEON Expands Financial Services Portfolio

Rhea-AI Summary

VEON Ltd (NASDAQ: VEON, Euronext Amsterdam: VEON) announces the launch of Kazakhstan's first digital payment card, named 'Simply,' by its operating company Beeline. This innovative card integrates with mobile financial services and links to an electronic wallet and a Visa Platinum card, supporting Apple Pay, Samsung Pay, and Garmin Pay. This initiative aims to enhance financial inclusion in Kazakhstan, where 40% of the population is unbanked, and is part of VEON's growth strategy in mobile financial services.

Positive

• Launch of the first digital payment card in Kazakhstan to enhance financial inclusion.
• Integration with popular digital wallets like Apple Pay, Samsung Pay, and Garmin Pay.
• Capitalizing on previous success in mobile financial services with JazzCash in Pakistan.

Negative

• None.

AMSTERDAM, June 7, 2021 /PRNewswire/ -- VEON Ltd. (NASDAQ: VEON) (Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announces that its operating company in Kazakhstan, Beeline, has launched the country's first digital payment card integrated with its mobile financial services offering. 

Marketed under the 'Simply' brand, the Beeline Kazakhstan digital payment card is a mobile financial service application linked to a customer's phone number, an electronic wallet and a premium digital Visa Platinum card. The card is also integrated with digital wallets Apple Pay, Samsung Pay and Garmin Pay.

"Mobile financial services are a key strategy for the future growth of VEON and one that is highly suited to the markets we serve where financial inclusion remains low," explains Kaan Terzioglu, CEO of VEON Group. "We have successfully grown financial services and e-commerce businesses off the back of mobile operations in Pakistan, and we are now announcing a similar initiative by Beeline in Kazakhstan."

Evgeny Nastradin, Chief Executive Officer of Beeline Kazakhstan, comments: "We continue to invest in our 4G high-speed data networks, which currently covers 77% of the  population. Promoting digital adoption in the country is a key focus and one in two Beeline customers are using our 4G services and the numbers are growing. Today, Beeline Kazakhstan is entering a new field, marking a new era of mobile financial services in Kazakhstan where currently 40% of the country's population is unbanked. We are presenting a next generation product, which we believe is unique in the market and designed to boost financial inclusion. It is the first mobile digital bank in the Republic of Kazakhstan and is an example of our pioneering approach in making the best product offers and customer experience available on customer smartphones. We are constantly studying the customer experience in order to offer market innovative solutions at the intersection of industries."

The announcement follows on from VEON's success in pioneering mobile financial services applications in other operating markets including JazzCash in Pakistan that has surpassed 14 million users.

About VEON

VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and digital services serving nine countries, which together are home to 9% of the world's population. Our companies are transforming lifestyles through technology-driven services that empower opportunity in some of the world's fastest-growing emerging markets.

For more information, visit: https://www.veon.com

Disclaimer

This release contains "forward-looking statements", as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, expectations regarding the benefits of Beeline Kazakhstan's digital payment card. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.

Contact Information:

Communications & Investor Relations
Nik Kershaw
ir@veon.com 
+31 20 79 77 200

View original content:http://www.prnewswire.com/news-releases/veon-expands-financial-services-portfolio-301306538.html

SOURCE VEON Ltd.

FAQ

What is VEON's new financial service in Kazakhstan?

VEON has launched a digital payment card called 'Simply' through its operating company, Beeline, to enhance financial inclusion.

How does the Simply card by VEON work?

The Simply card is linked to a customer's phone number, functioning as an electronic wallet and a premium Visa Platinum card.

What percentage of Kazakhstan's population is unbanked?

Currently, 40% of Kazakhstan's population is unbanked.

What digital wallet integrations does the Simply card support?

The Simply card supports Apple Pay, Samsung Pay, and Garmin Pay.

What other markets has VEON successfully launched mobile financial services in?

VEON has previously launched mobile financial services in Pakistan, with JazzCash having over 14 million users.