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EBPOCETb (Euroset)

In most places in the world, the story of a mobile phone retailer which turned itself into a bank would be a unique and notable feat. But not in Russia. Euroset is not the only example of this occurring here, merely one of the more recent. This chain of stores is diversifying into providing more and more financial and banking services – with so much success that several casinos will already accept bank transfers from their Russian customers, organised at Euroset branches.
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It is, perhaps, determined to follow in the footsteps of its rival phone retailer Svyaznoy. Euroset is in fact, the larger of the two, with around 5,000 stores throughout Russia, controlling around 40% of the retail market. The company was originally founded in 1997, and its history has been turbulent, with various oligarchs in control as the company grew. In recent years, the company has been jointly owned by two rival phone retailers: Megafon (owned by the famous oligarch Alisher Usmanov) and Veon. This relationship was ended in July 2017, when Megafon acquired its partner’s 50% stake to take sole control. In return, Veon assumed control of half of Euroset’s retail stores.

All this market turbulence may not appear to make these companies the most obvious corporations to assume control of important roles in Russian banking. Nevertheless, Euroset has been gradually expanding the range of banking services which can be accessed from its branches.

Just some of the co-operative deals signed include a 2011 agreement with Renaissance Credit to offer banking services to its four million customers via Euroset branches and an arrangement to install terminals in its branches enabling customers to make bank transfers using their Visa or MasterCard branded cards. A further agreement has been signed to provide a similar in branch service for customers wishing to transfer money via the MoneyGram service.

Russian customers have been taking advantage of the simplicity and convenience of this service to make deposits to their favoured casinos, making the acceptance of Euroset customers’ funds a profitable move for internationally focused casinos.

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By Kevin Adair

Kevin Adair

I am a UK based writer with a decade of gambling content related writing experience. Accuracy and careful research is assured on all content.