State-owned payment infrastructure provider Saudi Payments Company partnered with STC Pay, a move which expands the mobile wallet brand’s reach and will lead to the two collaborating on digital initiatives.
Saudi Telecom Company subsidiary STC Pay noted the deal would allow it to partner with various financial and technology entities, and contribute to wider initiatives to reduce reliance on physical cash in the country.
The state’s underlying financial infrastructure is provided by Saudi Payments Company, underpinning interoperability across digital and traditional providers. It is owned by the country’s monetary authority and, among its goals, is to advance the use of electronic payment systems.
In a statement, STC Pay CEO Ahmed Al Enezi said the agreement would enable financial institutions to provide advanced services for the benefit of the national economy. He added it would also aid the government’s strategic goals of expanding financial inclusion.
Saudi Payments Company CEO Ziyad bin Bandar Al-Yousef added: “Through this agreement, we aspire to raise the diversity level in services and solutions for all service providers and beneficiaries, in order to achieve the maximum benefit from the unified infrastructure services provided by Saudi Payments.”Subscribe to our daily newsletter Back