Saudi STC Pay introduces contactless cards

STC Pay, a mobile wallet operated by Saudi Arabia’s biggest telco STC has introduced contactless cards for use at point of sale (POS) machines, e-commerce transactions, and cash withdrawal at local and international ATMs.

STC Pay’s customers can order, activate and deactivate the card, and also set spending limits through their mobile application with no additional paperwork required. The card is compatible with Apple Pay and Saudi’s Mada Pay for iPhone and Android users respectively.

As part of Vision 2030, Saudi Arabia has set an ambitious target of achieving 70 per cent non-cash transactions by 2030. Saudi Central Bank (SAMA) regulations have further advanced the shift to contactless cards and mobile payment resulting in an expected CAGR of 16.8 per cent between 2020 and 2025.

“As the kingdom progresses towards a cashless society, we are always looking for ways to provide new and innovative technologies and digital experiences to our customers. 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,” said Ahmed Alenazi, CEO of STC Pay.

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The cards have been developed by Thales. “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,” said Pascal Lesaulnier, CEO, Thales Saudi Arabia.

“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. Saudi Arabia has been at the forefront of smart cities, and STC Pay plays a key role in this remarkable journey,” Lesaulnier added.