May 23, 2024

stc Pay Boosts Bahrain Fintech Arena’s Digital Innovation

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With over 300,000 downloads, more than 15 million transactions worth of over BHD 500 million processed in the past year
Eng. Nezar Banabeela, stc Bahrain CEO and Chairman of stc pay-Stc Bahrain celebrates stc pay’s leading role in driving innovation and growth in Bahrain’s fintech sector-Image Credit-stc Bahrain

stc Bahrain’s wholly owned subsidiary, stc pay Bahrain, proudly announces a huge milestone accomplished by stc pay, marking the success of innovation and growth in Bahrain’s fintech sector. 

Industry sources added that with over 300,000 downloads, and more than 15 million transactions worth of over BHD 500 million processed in the past year, stc pay has emerged as Bahrain’s most innovative and accessible mobile wallet for digital financial transactions, and a key player in advancing the Kingdom’s digital payment landscape.

Industry sources added further that stc Bahrain has been focused on reshaping the future of digital finance and boosting individuals and businesses by bridging the financial inclusion gap and subscription boundaries with stc pay, as the only all-inclusive mobile wallet in Bahrain for all types of digital financial transactions.

Eng. Nezar Banabeela, stc Bahrain CEO and Chairman of stc pay stated: “We are delighted with the great success stc pay achieved in the past year, which has been possible with the support extended by Central Bank of Bahrain, Bahrain Economic Development Board, Tamkeen, and esteemed partners, Khaleeji Bank and Mastercard, and our valued subscribers.”

Commenting further, Mr. Banbeela said, “Inclusivity is at the heart of stc pay, offering a comprehensive range of digital offerings that are not only value-added but also secure and accessible. Our commitment to providing a singular platform for all transactions reflects our dedication to embracing cutting-edge technology in everything we do. This contributes to Bahrain’s journey towards becoming a cashless economy, as we continue to invest significantly in developing stc pay and our digital infrastructure to drive innovation beyond telecommunications offerings.”

Industry sources further added that stc pay endures to expand its mobile wallet offerings, permitting subscribers to manage their spending more effectively. The latest products and services include prepaid cards in collaboration with Mastercard – the Elite Card, accepted worldwide and designed to offer luxury benefits such as access to airport lounges, extra cashback, and up to 50% travel discounts; and the Family Cards that permits up to five supplementary cardholders with flexibility for family members to use it anytime, everywhere while earning cashback offers. stc pay has also increased its on-the-go capabilities with contactless features on its platform, including Apple Pay, Samsung Pay, and Google Pay. This permits clients to pay leveraging their favorite devices conveniently.  

In addition to Fawry and Fawry+, which provide unbanked and underbanked customers access to banking services and local bank transfers, stc pay has also enabled the Fawateer service for bill payments. Moreover, stc pay has expanded its network of countries to 50+ for international money transfers with the best exchange rate, making international transfers more convenient and easier – all through stc pay’s single platform.

Furthermore, stc pay’s cashback offers have been enhanced to allow subscribers to do more with their cashback – from redeeming them for gift vouchers, bill payments, air miles, devices, and charities.

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