STC Pay

The started at the end of 2018, mobile payment service of STC Pay offers consumers different digital financial services, including an opportunity to make peer-to-peer remittances (between users), transfers to bank accounts, payments in partner shops using QR codes, payment of accounts for utilities and international money transfers made in partnership with Western Union.

History

2020: Western Union purchased 15% of STC Pay

In the middle of November, 2020 it became known that Western Union purchased 15% in financial that-startup STC Pay which is subsidiary company of telecommunication Saudi Arabia giant STC Group. Transaction amount was $200 million, the service received assessment in $1.3 billion.

Cooperation of Western Union with STC Pay began in 2019 that demonstrates that the American company knows about activity indicators, development and capacity of STC Pay. Western Union allows clients of STC Pay to use the payment infrastructure for implementation of money transfers. Users of mobile application whom there are more than 4.5 million people can send payments to more than 200 countries, using over 130 different currencies in transactions.

Western Union purchased 15% of the first STC Pay financial technical-company

SEC Pay is one of the first two companies which obtained at the beginning of 2020 the license for financial technologies from the Agency of currency circulation of Saudi Arabia and the Central bank. In the fall of 2020 STC Group started in partnership with Visa the card which allows holders to make online and offline payments in outlets of Visa worldwide.

The chairman of STC Group Mohammed bin Khalid Abdullah Al-Feysal noted that thanks to the transaction with Western Union in the region "the first Saudi unicorn and the first financial technical-unicorn in the Middle East" appeared.^[1]

Notes