Saudi Telecom Company’s digital payments unit stc pay has joined forces with French technology firm Thales to launch a new contactless card in Saudi Arabia.

The card will enable customers to make payments at PoS machines. Using the card, they can also make online e-commerce payments as well as withdraw cash at local and international ATMs.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

STC Pay CEO Ahmed Alenazi said: “The introduction of the contactless payment cards together with Thales provides our customers with digital payments solutions that are fast, convenient, and more importantly, secure.”

The clients of STC Pay can use their mobile app to order the card, activate, and deactivate it.

They can also set spending limits for the card, which supports Apple Pay and mada Pay.

Saudi Arabia aims for 70% non-cash transactions by 2030 as part of its Vision 2030 strategy. This has triggered the rise in demand for contactless cards.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thales Saudi Arabia CEO Pascal Lesaulnier said: “The global crisis has led to increased concern on the usage of cash and has naturally accelerated the transformation towards a contactless and cashless society. It is only through the creation of novel, secure solutions, that we can build a future we can trust.

“We are very proud of the fruitful partnership developed over the years with STC pay and we remain fully committed to supporting innovation in the Kingdom in line with Vision 2030.”

Last November, Western Union signed a definitive agreement to take a 15% stake in stc pay. Western Union will pay up to $200m for the stake.

In the same month, it was also reported that stc pay is in talks with Gulf regulators to expand its financial services offering across the region.

The digital wallet reportedly plans to expand its operations in the UAE, Kuwait and Bahrain, subject to regulatory approvals.