Riyadh, Saudi Arabia, 6 July 2020: 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.