stc pay and Visa 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 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.
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.”
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.
