Digital wallet STC Pay reports 30% growth in Q1 2020

STC Pay has achieved remarkable growth in financial operations during the first quarter of 2020, paralleling what the company achieved throughout the entirety of 2019. The company data for the largest digital wallet in the Middle East showed a 30 percent growth in financial operations via STC Pay over the past few months.

CEO of STC Pay Ahmed Alanazi said the Saudi Arabian Monetary Authority’s (SAMA) decision to raise the maximum allowed recharge limit for electronic wallets to SR20,000 ($5,300) per month has contributed to increasing the number of transactions made using the wallet. It has also helped community members control their financial affairs easily, without the need to leave their homes and encouraged them to comply with the leadership’s orders to home quarantine and avoid crowded places, in line with the applied preventive and precautionary measures to preserve their health in light of the coronavirus crisis.

He described the launch of the Merchant application as STC Pay’s “gift” to e-commerce, pointing out that the application is playing an important role during the pandemic after sales points were obligated to reduce cash dealings and activate electronic payment methods, thus proving beneficial for many establishments such as petrol stations, cafes and restaurants.

The Merchant app, according to Alanazi, also facilitated corporate payments, offered records of customer purchases and provided the ability to manage store payments via the app.

Marketing and Communication Director at STC Pay Abdulrahman said: “Our contribution to serving our customers has not been interrupted during the coronavirus crisis, on the contrary, it has increased in order to encourage customers to adhere to orders issued by authorities in the interest of their health and safety.” He added: “Stemming from our sense of responsibility, we have launched several initiatives that enable us to easily and safely serve our customers from the comfort of their homes.”