Saudi mobile wallet Stc Pay, which is a subsidiary of region’s leading telecom company Stc, and global payments technology company Visa has signed a multi-year strategic partnership with Visa, the two companies announced in a statement to MENAbytes today.
The partnership that’s first of its kind (fintech) for Visa in Saudi will involve issuance of Visa cards and payment credentials to all Stc Pay customers, enabling them to use the money in their wallet for contactless, scan-to-pay (QR-based), ecommerce transactions, and international remittances.
Stc Pay already has a partnership with Western Union that allows its customers to transfer money anywhere in the world using their digital wallet.
The statement by Stc Pay and Visa does not have any details on when the Visa card and credentials will be made available for Stc Pay users.
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.”
Ali Bailoun, Visa’s General Manager for Saudi Arabia, said, “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.”
“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,” he added.
Visa has recently also partnered with Careem to provide different types of financial and payment services to its captains.
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