Riyadh, Saudi Arabia : Geidea, the largest fintech company in Saudi Arabia by market share, today announced that it has partnered with channels by stc, the distribution arm of Saudi Telecom Company.
Under the partnership, Geidea will provide an integrated suite of solutions to the network of retailers established under channels by stc, which will enable them to seamlessly manage their store, accept payments and resell top-up and vouchers. Today, channels by stc services a portfolio of over 10,000 merchants. Geidea’s solutions will aim to simplify digital payments for the SMEs that are part of STC Channels’ network, providing them with cost-effective solutions that will help sustain and grow their business.
Geidea’s services will include improved digital payment acceptance through channels such as credit and debit cards, digital wallets, e-wallets and direct transfers including Chip & Pin, contactless technologies, e-wallets and QR codes. STC merchants will also be able to leverage numerous benefits aimed at simplifying the management of their business through Geidea’s app – such as features to manage their inventory, track sales, orders, invoicing and more.
For its part, channels by stc, will focus on innovation and diversification of its products and services and will provide sales, distribution and logistical solutions to its partners including digital payments solutions such as electronic payment devices
The agreement was signed in the presence of Abdullah Mansour Alshowaier, Chief Business Officer – Geidea, and Eng. Ahmed Hadi Aldaen, Vice President – Strategy and Category Management, channels by stc.
Speaking about the partnership, Abdullah Al-Othman, Founder and Chairman of Geidea, said: “We are delighted to collaborate with Saudi Telecoms Company, a pioneer in telecommunications and digital services. This partnership represents an exciting milestone in our efforts to support the Kingdom’s cashless payments targets, as part of Saudi Arabia’s 2030 Vision. Through this strategic agreement, Geidea will once again expand our merchant ecosystem, and provide a comprehensive suite of payments solutions to STC merchants, all with the aim of streamlining their business needs.”
Eng. Ahmed Hadi Aldaen, Vice President – Strategy and Category Management, channels by stc said: “We are pleased to collaborate with Geidea to provide a variety of electronic payment solutions to our business customers. We see this partnership as a big step forward in the implementation of our strategy to improve the ease of doing business. We also seek to continue our leadership in the field of sales and distribution through continuously analysing the needs of our customers and partners as well as responding to evolving market needs with speed and quality.”
Geidea is a leading and fully licensed payment service provider offering digital banking technology, Point-of-Sale (POS) Terminals and business management solutions for both financial institutions and small businesses in retail and digital commerce. Founded locally in Saudi Arabia in 2008 by entrepreneur Abdullah Faisal Al-Othman, Geidea’s mission is to empower merchants of all types and sizes with the tools to start, manage and grow their business. The company believes that the latest payments and commerce technology should be accessible, affordable, and intuitive for everyone. Based in Riyadh, Geidea has more than 800 employees, over 150,000 merchants, and provides support to more than 600,000 payment terminals and ATMs networks within the Kingdom. The company is rapidly expanding branches in several locations across the GCC, including UAE and Egypt, with an eye to further locations in 2021.
For detailed information, please visit: http://www.geidea.net/
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© Press Release 2021