In 2013 most Russians still paid for things in cash, so Qiwi put a cash machine on almost every corner. Its bright kiosks stood in train stations and next to convenience stores. Feed in rubles and you could top up a phone, pay a loan or fund an online wallet. Qiwi counted over 169,000 kiosks and terminals and over 65 million monthly users when it listed on Nasdaq that May.

A Kiosk for Every Bill

Qiwi formed in 2007 from Russian payment businesses led by Sergey Solonin. Its kiosks were built to Qiwi's design by outside makers and bought by over 9,300 independent agents, who placed and ran them and set the fees. The network linked cash-paying customers to over 40,000 merchants. Qiwi also ran Visa Qiwi Wallet, an online account people could load at a kiosk and spend on the web. The holding company sat in Cyprus, and the business ran from Moscow.

Sanctions and a Sale

Qiwi priced its American Depositary Shares at $17 in May 2013 and listed on Nasdaq under the ticker QIWI. Russia's invasion of Ukraine in 2022 brought sanctions and pressure on Russian listings. Nasdaq moved to delist the company in 2023. In January 2024 Qiwi agreed to sell its Russian business for 23.75 billion rubles. Nasdaq delisted the shares in September 2024, and shareholders renamed the company NanduQ.

Cover: View of the Stone Bridge from the Kremlin, from Views of Moscow, Alexis-Victor Joly. Art Institute of Chicago, public domain. Chosen for Moscow from the Kremlin (a Russian payments network).