Saudi mobile wallet, Saudi Digital Payments Company (stc pay), and Thales have introduced contactless cards to enable payments at Point of Sales (POS) machines, e-commerce transactions, and cash withdrawal at local and international ATMs Thales EMV cards are fully personalised and include two different premium designs only: metal cards and transparent cards, making the sourcing process for stc pay more secure and simplified. 

stc pay’s customers will be able to order the card, activate, deactivate, and set spending limits through their mobile application with no additional paperwork required. Digitised, the card is compatible with Apple Pay and mada Pay, providing a seamless and secure payment experience for iPhone and Android users.

stc pay has been recognised as the Best Digital Wallet in the Middle East and North Africa by Global Banking & Finance Awards. The digital wallet has been designed to enable fast and convenient payment solutions that can be accessed through any smart device.

Saudi Arabia is a pioneering development in the financial sector, and as part of Vision 2030, the Kingdom has set an ambitious target of achieving 70% non-cash transactions by 2030. Saudi Central Bank (SAMA) regulations have been further supporting the banks to move towards contactless cards and mobile payment. In line with this shift, there has been an increase in demand for secure contactless cards, with a compound annual growth rate from 2020-2025 expected at 16.8%.

Thales has been an integral part of the Kingdom of Saudi Arabia for over 50 years, providing solutions, services, and products in aeronautics, defence, space, transportation, and digital identity and security.

“The global crisis has led to increased concern on the usage of cash and has naturally accelerated the transformation towards a contactless and cashless society. It is only through the creation of novel, secure solutions, that we can build a future we can trust. We are very proud of the fruitful partnership developed over the years with stc pay and we remain fully committed to supporting innovation in the Kingdom in line with Vision 2030. The Kingdom of Saudi Arabia has been at the forefront of smart cities, and stc pay plays a key role in this remarkable journey. ” said Pascal Lesaulnier, CEO Thales Saudi Arabia. 

“As the Kingdom progresses towards a cashless society, we are always looking for ways to provide new and innovative technologies and digital experiences to our customers. The introduction of the contactless payment cards together with Thales provides our customers with digital payments solutions that are fast, convenient, and more importantly, secure.” Ahmed Alenazi, CEO of stc pay.

Source- Press Release

Country- Saudi Arabia