30% growth in financial operations for the largest digital wallet in the Middle East

May 10, 2020

30% growth in financial operations for the largest digital wallet in the Middle East

stcpay achieved remarkable growth in financial operations during the first quarter of 2020, paralleling what the company achieved throughout the entirety of 2019. Company data for the largest digital wallet in the Middle East showed 30% growth in financial operations via stcpay over the past few months.
The CEO of stcpay, Eng. Ahmed Alanazi, explained that the Saudi Arabian Monetary Authority’s (SAMA) decision to raise the maximum allowed recharge limit for electronic wallets to SAR 20,000 per month has contributed to increasing the number of transactions made using the wallet. It has also helped community members 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 applied preventive and precautionary measures to preserve their health in light of the Coronavirus crisis.
He described the launch of the "Merchant” application as stcpay’s gift to e-commerce, pointing out that the application played a great role in light of the Coronavirus crisis especially after sale points were obligated to reduce cash dealings and activate electronic payment methods, thus proving beneficial to many establishments such as petrol stations, cafes and restaurants thanks to its easy and quick registration process. Merchant, according to Alanazi, also facilitated corporate payments, offered records of customers ’purchases and provided the ability to manage store payments via the app.
Marketing and Communication Director at stcpay, Abdulrahman Alageel said, “our contribution to serving our customers has not been interrupted during the Coronavirus crisis, on the contrary, it has increased in order to encourage customers to adhere to orders issued by authorities in the interest of their health and safety.”
He added, “stemming from our sense of responsibility, we have launched several initiatives that enable us to easily and safely serve our customers from the comfort of their homes. Among these initiatives are offers on transaction fees, 5% cashback when paying stc bills and 5% cashback when recharging Sawa prepaid packages, in addition to cashback amount of 5 riyals on international transfers.