Some investors consider Qiwi (NASDAQ:QIWI) to be a Bitcoin proxy stock or a Russian Fintech Champion. However, this point of view is misleading. Qiwi is not a blockchain company or a Fintech champion. Russian citizens simply do not need Qiwi terminals or wallets in everyday life. We have Internet banks, banking apps, and plastic cards. For Russia, Qiwi is one of many players and not the most popular and not the most innovative. Qiwi is just a payment system operating in spheres where payers prefer cash and anonymity, and which wants to enter the market of banking services (mostly, consumer lending services). The payment services segment…

Full Article