Stc pay and Visa entered into a strategic partnership. The partnership will involve the 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.
The strategic partnership, involving a multi-year agreement, was signed via videoconference by Ahmed Alenazi, CEO of stc pay, and Ali Bailoun, Visa’s General Manager for Saudi Arabia.
Ahmed Alenazi, CEO of stc pay, said: “This global partnership agreement with Visa is significant for stc pay, especially following the granting of our banking 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.”
“stc pay’s innovative and focused approach to providing unparalleled services and experiences to its customers and merchants has resulted in the company’s rapid growth over the years. With global acceptance at nearly 54 million merchant locations in more than 200 countries, Visa has the scale, experience, and expertise to support stc pay’s growth and ambitions to unlock more digital payment possibilities in Saudi Arabia and across the MENA region,” said Ali Bailoun, Visa’s General Manager for Saudi Arabia. “Our partnership with stc pay demonstrates Visa’s commitment to working closely with local partners to accelerate the adoption of digital payments and drive digital commerce in line with Saudi Arabia’s Vision 2030 goals.”
