Telco STC Saudi Arabia attracts more than four million users to its STC Pay mobile wallet

STC Pay is one of the stories of telecom operators wandering in the Portable Financial Administrations (MFS) space in a transition to expand their income streams.

In Oct 2018, telecom market operator Saudi Arabia Telecom Company (STC) launched its versatile wallet administration 'STC Pay', to differentiate its income streams. STC Pay obtained a first mover advantage in the local telco-drove Portable Financial Administrations (MFS) market. The portable wallet administration offers a relatively different range of administrations like merchant payments, transfers to local bank accounts, cash withdrawals, P2P transfers, charge payments, and remittances.

The high portable penetration of the population rate in Saudi Arabia - of 122% in 2019 - joined with a relatively large number of expats - 38% of the population in 2019 - have addressed a ripe ground for the uptake of MFS in the country, especially international remittances. In addition, customers' requirement for easier and affordable techniques to transfer cash domestically and internationally can additionally support telco-drove MFS. It is worth noticing that STC has serious areas of strength for an in the portable market with a 37% supporter share in 2019 - circa 15.6 million memberships.

STC Pay is making rapid advancement

All these drivers assisted STC Pay with attracting more than 500 thousand clients to their administrations in 2019, a number that advanced to 4.5 million clients by Nov 2020 - inside only two years from launch.

To gain more information on the Saudi Arabia telecom market forecast, download a free report sample

Moreover, international remittances giant 'Western Association', who played a vital job in STC Pay's initial accomplishment as a partner for the international remittances, acquired in November 2020 a 15% stake in STC Pay for US$200 million. The finishing of the deal is likely to getting all regulatory approvals.

GlobalData's regional insider report series 'Versatile Financial Administrations: Administration Portfolio Advancement and Situating Strategies', further analyzes how telcos are developing and situating themselves in the MFS market.

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