- Partnership will enable stc pay customers to transact in-store seamlessly using contactless or QR payments or on eCommerce sites
- Through the partnership Visa and stc pay will collaborate on innovation, and next generation digital payments
Riyadh, Saudi Arabia: stc pay, digital wallet and subsidiary of stc Telecom Company, Saudi Arabia’s largest telco, and Visa (NYSE: V), the world’s leader in digital payments, entered into an exclusive strategic partnership to launch customer-centric financial services and digital payment solutions to stc pay customers. The strategic partnership, involving a multi-year agreement, was signed via videoconference by Ahmed Alenazi, CEO of stc pay, and Ali Bailoun, Visa’s GM for Saudi Arabia.
The new agreement – Visa’s first fintech partnership in Saudi - further builds on stc pay and Visa’s partnership from 2018, and will involve issuance of Visa payment credentials to millions of stc pay customers enabling them to use their stc pay digital wallet for contactless, scan-to-pay (QR-based) and eCommerce transactions, and international remittances via stc pay digital wallet.
Ahmed Alenazi, CEO of stc pay, said: “This global partnership agreement with Visa is significant for stc pay, especially following the granting of our e-money license. This partnership helps us move steadily towards our ambition of offering new, secure and frictionless financial services and payment solutions to merchants and consumers in the Kingdom and beyond. We are excited to be working with Visa to drive this shared goal of offering innovative solutions to resolve unmet gaps in financial services and digital payments.”
“With more people increasingly preferring mobile and online payment options to pay and be paid, and to send and receive money, our partnership with stc pay – leveraging Visa’s scale, experience and expertise both in Saudi and internationally - will help support this growing demand for seamless and secure digital payments,” said Ali Bailoun, Visa’s General Manager for Saudi Arabia. “stc pay’s ability to provide innovative services and experiences to its customers and merchants has resulted in the company’s rapid growth over the years. We are delighted to partner with them on this major initiative and also for this latest opportunity to help drive digital commerce in the Kingdom in line with Saudi Arabia’s Vision 2030 goals.”
The partnership with stc pay also underlines Visa’s long-term commitment towards supporting the growth and development of fintechs globally. And this includes delivering innovative technologies for consumers and for small and medium enterprises (SMEs) and global enterprises.
-Ends-
About stc pay:
In harmony with the Kingdom’s Vision 2030 to progress and diversify digital services; stc pay, a subsidiary of stc Group, has been built to become a pioneering service of the futuristic wave that enables new endeavors and unlocks new possibilities.
We share a future vision with customers and businesses to provide new and innovative technologies and digital experiences. Using stc’s powerful network, we are able to better connect merchants with their customers through our secure digital wallet solution, stc pay, to empower both sides to complete their transactions quickly, easily, and securely.
To learn more about stc pay, visit www.stcpay.com.sa
Media Contact:
Abdulrahman Alageel | Riyadh, Saudi Arabia
Email: Aalageel@stcpay.com.sa , Tel: +966118353622
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable, and secure payment network - enabling individuals, businesses, and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device. As the world moves from analog to digital, Visa is applying our brand, products, people, network, and scale to reshape the future of commerce. For more information, visit About Visa, Visa MENA Blog and @VisaNews.
© Press Release 2020
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