STC Pay Review – New Electronic Payment System in Saudi Arabia
Kingdom of Saudi Arabia is slowly changing on how they make their payment system. You may remember that Paypal has been activated in Saudi Arabia about 7 years ago. We have also blogged about the Tahweel Al Rajhi that has been activated last year. Recently I have noticed through different Ads that STC have introduced STC Pay.
What is STC Pay?
STC Pay is an online wallet which was recently activated by STC where you can add money so that you can use it in your future payment. You may download it through the following link:
According to STC during Inauguration
“Digital financial services are one of the new growth paths of STC Group as per its digital growth and transformation strategy, especially at this time of rapid change in the telecommunications industry and digital information revolution”, Eng. Nasser Al Nasser said, pointing out that, “the new company provides a quality addition to the development of Digital Payments services in collaboration with major financial institutions and banks both locally and globally.
I tried installing the STC Pay application with my mobile phone and it only requires important pieces of information; your mobile number and iqama number in order to be verified. Since our Iqama is now connected online I believed they have used this platform to verify the authenticity of the user.
STC Pay Observations and Review
Upon my installation, I found out the following information.
- You need to have your mobile phone number and iqama number connected because they will use this to verify your identity
- You may add money to your wallet through 3 types of deposit:
- Via Card Deposit using your credit card or debit card. Currently, it is free but later they will be charging SR 4.73 Per Transaction. Maximum Recharge Limit is SR5,000
- You may also add money via SADAD Payment, the new user will be given a SADAD number under Biller Name.
- Normal Deposit via ANB – Arab National Bank, You will be given an account number from ANB where people can deposit directly to your account. As per the notes provided in the apps, it needs a maximum of 3 hrs for your amount to be credited to the wallet. But of course, it could also
- You can buy STC load via STC Pay.
- You may withdraw your money through ANB ATM Bank machine Kingdom Wide.
- You may send money to other user using their mobile number or using a QR Codes in their mobile phones.
- You may easily see in your contact list, who are using the STC Pay.
The Future of Saudi Arabia Digital Financial Services
This is what I will see will happen in the future
- Other company will be partnering to other banks to make the same wallet. But of course, those who have already initiated this will gain trust from the people living in Saudi Arabia.
- More and More merchants will be applying for this one, to increase payment option to those people who don’t have Credit Card, but of course, all workers in Saudi Arabia is now getting their salary through ATM Card given by the bank. ( It is now mandatory to send all payment of the workers via Bank)
- More and More people will carry less cash.
- Peer to Peer Transaction will be easy.
As of this time, I am not seeing a widely Used STC Pay, but soon I think it will be used in Saudi Arabia since more and more merchants are using this method. This might also be used in SOUQ.com in the future.
The Philippines use this kind of system ahead of Saudi Arabia. They have G-Cash, Smart Money, Paymaya and more. That mentioned Digital Financial Service is now widely used in the Philippines. Hope it will soon be implemented in Saudi Arabia.