"Digital" Eideya via Phone for the First Time in the Kingdom

May 22, 2020

"Digital" Eideya via Phone for the First Time in the Kingdom

stcPay has released the Eideya service to spread the joy of Eid among relatives and friends, while maintaining social distancing, by enabling the immediate transfer of Eideya from one phone number to another for the first time in the Kingdom.
Digital Eideyas include monetary transfers as well as games and entertainment vouchers, and other gifts from the stcPay Fun Market. You may also send a personalized message along with the Eidyah. Financial services specialist stcPay said that the service senses the need of people under home quarantine and practicing social distancing, and is aligned with the concept of financial services adapting to the change in people's consumption patterns,
noting that the service reflects the spirit of financial technology, or what is known as "FinTech", which is one of the strategic growth paths of the stc Group and one of the goals of digital transformation according to the Kingdom's Vision 2030.
In the past few months, stcPay recorded a remarkable growth in financial operations during the first quarter of 2020 that is equivalent to what the company achieved in the full months of 2019, as the data of the company, which is the largest digital wallet in the Middle East, showed the growth of financial operations via stcPay by 30%, during the past few months.
The decision of the Saudi Arabian Monetary Agency (SAMA) to raise the maximum allowable funds for electronic wallets to 20 thousand riyals per month contributed to increasing the number of operations in the wallet, and also helped community members to control their financial affairs easily without the need to leave their homes, which falls in line with the preventive measures and precautions to maintain their health in the light of the Corona crisis and encouraged them to comply with the orders of the wise leadership to remain in home quarantine and avoid gatherings.
During the Corona pandemic, the e-commerce "Merchant App" came to light, as many facilities, such as petrol stations, cafes and restaurants have benefited from it, especially due to the ease of completing registration processes and their speed after obliging the sales outlets to reduce the cash transactions and use electronic payments instead. The Merchant App also facilitated corporate payments, as well as recording their customers' purchases and managing their store payments via the app.