Riyadh, Saudi Arabia: stc pay, digital wallet, and a subsidiary of stc Telecom Company, Saudi Arabia’s largest Telcom, and Visa (NYSE: V), the world’s leader in digital payments, entered into a 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 today by Ahmed Alenazi, CEO of stc pay, and Ali Bailoun, Visa’s GM for Saudi Arabia.
The new global agreement further builds on stc pay and Visa’s partnership from 2018. It is expected to deliver the issuance of Visa payment credentials to millions of stc pay customers and enabling them to use their digital wallet in e-payment safely.
Ahmed Alenazi, CEO of stc pay, said: “This global partnership agreement with Visa is significant for stc pay.
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.”
The partnership with stc pay underlines Visa’s long-term commitment towards supporting the growth and development of fintech globally. And this includes delivering innovative technologies and digital solutions such as Visa Direct–a platform that enables faster payments to over a billion financial accounts worldwide–and Visa’s suite of B2B payment solutions for small and medium businesses (SMEs) and global enterprises.