Riyadh,
Saudi Arabia, 7 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.
Saudi Arabia, 7 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.
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.”
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.”
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.
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.
