Visa and Saudi Arabia's stc pay extend their alliance

Dubai: Saudi Arabia’s stc pay, the digital wallet services entity, has struck an agreement with Visa to launch digital payment solutions to the former’s 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 General Manager for Saudi Arabia.

The new agreement – Visa’s first fintech partnership in Saudi Arabia - further builds on their partnership from 2018, and will involve issuance of Visa payment credentials to stc pay customers. This will enable them to use their stc pay digital wallet for contactless, scan-to-pay (QR-based) and ecommerce transactions, and international remittances.

Ahmed Alenazi, CEO of stc pay, said: “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.”