The increase in payment volumes in Qiwi Wallet resulted from two major factors, the effects of which on Qiwi Wallet volume were approximately equal: the continued increase invest in bitcoins the number of active users and the increase in the average volume per Qiwi Wallet account.
The increase in payment volume in Qiwi Distribution was primarily driven by an increase in Visa Qiwi Wallet users reloading their wallets through the Qiwi Distribution network.
This increase was primarily due to an increase in payment volume and an increase in value added services in Qiwi Distribution.
Segment net revenue is the total net revenue of our reportable segments and is presented for historical periods in note 9 of our financial statements included elsewhere in this prospectus.
Segment net revenue differs from adjusted net revenue as presented in this prospectus as it is derived from subtracting direct segment costs form segment revenue and reflects immaterial differences related to the timing of expense recognition.
This increase was primarily due to the continuing impact of scale on our operations as the growth of our segment net revenue continued to outpace the growth of our expenses. Segment profit before tax is the total profit before tax of our reportable segments and is presented in note 9 to our financial statements included elsewhere in this prospectus.
Segment profit before tax differs from adjusted net profit as presented in this prospectus as it earnings without investments on the Internet qiwi not reflect, among other things, income taxes and effects of software development cost not capitalized in segment presentation, and reflects immaterial differences related to the timing of expense recognition, gain on bargain purchase, and gains on disposals. The aggregate results of the above listed items may have a material impact on the difference between segment profit before tax and net income.