‘Eideya’ goes digital with STC Pay’s new service

STC Pay has launched a first-of-itskind service in the Kingdom that enables users to transfer “Eideya” money (a sum given to children in celebration of Eid) and share joy among relatives and friends on the occasion of Eid, while maintaining social distancing.

The service allows instant monetary transfers from one phone number to another, in addition to the transfer of games, entertainment vouchers and other gifts from the STC Pay Fun Market. Users can also send personalized messages along with the gifts.

STC Pay said in a statement that the new service is in response to the pandemic-induced quarantine, where people are practicing social distancing, and is an example of the concept of financial services adapting to the changes in people’s consumption patterns.

It said the financial technology (fintech) service is in line with the strategic growth path of the STC Group and the digital transformation goals of the Kingdom’s Vision 2030.

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

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

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The service allows instant monetary transfers from one phone number to another, in addition to the transfer of games, entertainment vouchers and other gifts from the STC Pay Fun Market.

contributed to increasing the number of transactions made using the wallet. It has also helped individuals to 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 preventive measures taken in light of the coronavirus crisis.