Saudi Telecom Company (STC) has launched a new investment arm for electronic payments under the name “STC Pay”. The STC Pay was launched as part of the kingdom’s digital transformation strategy, a vital part of Saudi Vision 2030.
SAMA Governor Dr. Ahmed Al-Khulaifi said that the kingdom is heading forward in reducing monetary usage and diversifying innovative solutions. He added that the payment systems in the kingdom are witnessing a remarkable development that started more than 30 years ago.
In this context, STC board chairman Prince Mohammed bin Khalid al-Faisal said that launching STC Pay is a key step on the level of digital payments – the aim of this is to enable individuals to have a control over their payments.
Nasser Al Nasser, CEO, Saudi Telecom Company, stated that the digital financial services are of the new growth tracks of STC, especially at the time when quick transformations are witnessed in the telecommunications industry and the digital data revolution.
STC Senior Vice President of Enterprise Dr. Tarig Enaya highlighted that the e-portal offered by STC Pay provides comprehensive financial digital services for firms and individuals.
Meanwhile, Saleh Mosaibah, STC Pay’s chief executive, said the new service will be available through an e-wallet that will be loaded to enable client payments everywhere.
The new application also facilitates transferring and receiving money from client contact list, and transferring funds to various bank accounts across the Kingdom. STC invoices can be also paid through this wallet, Mosaibah added.
STC Pay was established in 2017 as a wholly-owned subsidiary of STC to provide FinTech services for corporates and individuals.
