Ghadah AlSohaim
Ghazal Saad
Esraa Younis
Ghayda Alarifi
Dublin City University Business School
Roisin Lyons
Gavin Brown
Keep this story going! Share below!
STC Pay aims to facilitate daily payments through an integrated mobile application. While contributing to achieving SDG 8, which promotes "sustained, inclusive and sustainable economic growth, for productive employment and decent work for all," and SDG 9, which advocates for "building resilient infrastructure, promoting inclusive and sustainable industrialization and fostering innovation."
By facilitating quick and secure payments, small businesses and entrepreneurs are more likely to develop and expand their businesses. Thus, create employment opportunities, particularly for young people, reduce labor market inequalities, and promote safe and secure working environments.
Besides, with the rapidly growing population, STC Pay can serve numerous people in completing their daily financial transactions.
STC Pay, a subsidiary of the Saudi Telecommunications Company (STC) in the Kingdom of Saudi Arabia, is known for offering secure digital wallet solutions to customers based on innovations and the latest technologies.
STC Pay was established in 2017 and became more popular during the lockdown of COVID-19. The digital wallet was designed to make time-saving payments effortlessly – whether you are getting coffee, settling bills, splitting the dinner check with friends, or making transfers to family members – without having to carry a wallet, worrying about change, or the hassle of entering credit card information when shopping online.
STC Pay promotes economic growth and innovation that are essential pillars for achieving sustainable development goals for a better world.
The government of the Kingdom of Saudi Arabia had developed a vision statement to develop the services it offers in the digital sector so that they not only progress but also diversify. One of the 2030 vision's main objectives was to ensure that by the year 2030, all citizens of the KSA can enjoy the latest facilities and services of a global standard in the digital sector.
This vision has inspired several businesses in the country, including STC Pay. Mr. Ahmed Alenazi, the CEO of STC Pay, noted: "We were inspired by the Saudi 2030 vision".
The Saudi Arabian Monetary Authority (SAMA) uncovered that it issued four licenses for a few Fintech installment companies allowing licenses to STC Pay, Geidea, Halalah, and Bayan Pay. Based on the significant monetary and financial change in Saudi Arabia. The program had an objective to issue licenses to three dynamic neighborhood FinTech companies sometime recently after 2020.
Governor of SAMA Dr. Ahmed al-Khulaifi affirmed that the kingdom is moving forward in creating its critical plans within the money related segment to be a pioneering advancement center within the budgetary technique. High growth rates were accomplished in e- payment forms within the kingdom's showcase mid-2019. It reaches 36.2%, which surpasses the target of the Saudi Vision 2030, 28% (al-Ayed, 2020).
STC Pay achieved remarkable growth in financial operations throughout the years. The company data for the digital wallet showed 30% growth in financial operations via STC Pay over the first few months of 2020 (STC Pay, 2020). In fact, STC Pay became the largest electronic wallet company in financial technology in the Middle East and North Africa (MENA) region, serving two million customers within the first year of its launch. In addition, the mobile application was downloaded 3.2 million times.
The company developed a strong brand name recognition, gained customers' trust, and became the first choice to complete any money transaction or payments for many people in Saudi Arabia. There is also concrete evidence of the successes of the various innovations and strategies of STC Pay. For one, the company won the Global Banking & Finance Awards for the best digital wallet in the entire MENA region for 2019.
At FinX2019, STC pay along with Western Union won the award for best financial technology partnership. This is evidence of the company's success in the financial sector. While the increase in sales is a testimony to the short-term effects of the company's success, the business's sustainability and viability would be reflected in the long term. Last year the STC Group earned SR 54 368 million, the highest annual revenue since 2013.
STC pay has helped community members to control their financial affairs easily, without the need to leave their homes. In fact, Mr. Ahmed Alenazi explained that in their approach “(STC Pay stands for Simply Take Control of your finances.” He further added, “FSB Financial Service Development Program of the Vision 2030 is to move the people from dependent on cash to a cashless society”. This became pertinent during the COVID-19 outbreak. It encouraged people to comply with the 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.
References
Get stories of positive business innovations from around the world delivered right to your inbox.
Ahmed Alenazi, CEO
STC Pay, a subsidiary of the Saudi Telecommunications Company (STC) in the Kingdom of Saudi Arabia, has revolutionized the Saudi payment landscape using their novel secure digital wallet solutions for customers.