# stc-pay

> Source: https://docs.barcoder.ai/docs/wallets/stc-pay
> research date 2026-06-04 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## Supported standards

This wallet supports the following visual-code standards:

- [`stc-pay`](https://docs.barcoder.ai/docs/standards/stc-pay)

## Overview

**STC Bank** (formerly **STC Pay**; Arabic: بنك إس تي سي) is **Saudi Arabia's first fintech unicorn** and the **digital payments arm of the STC Group** (Saudi Telecom Company) <sup>[1][1], [3][3]</sup>. Originally launched as the **Saudi Digital Payments Company** in 2017 and rebranded to **STC Pay** in 2019, the company received a **full digital banking license from SAMA** in June 2021 and was restructured as **STC Bank** <sup>[1][1], [4][4], [5][5]</sup>. As of November 2020, STC Pay had **more than 4 million active users** <sup>[3][3]</sup>. STC Bank is a **SAMA-regulated digital bank** and a member of the **Mada network**, issuing Mada debit cards and supporting Mada Pay NFC payments <sup>[6][6], [Saudi Arabia report](https://docs.barcoder.ai/docs/payments/SA)</sup>.

STC Bank operates as both a **consumer digital wallet** (P2P transfers, QR payments, bill payments, mobile top-ups, marketplace) and a **full-scope digital bank** (savings accounts, personal finance, business accounts, POS acquiring, e-commerce gateways, SME financing) <sup>[5][5]</sup>. It is the **first and largest fintech unicorn in the Middle East**, having achieved a **$1.3 billion valuation** in November 2020 when Western Union acquired a 15% stake for $200 million <sup>[1][1], [3][3]</sup>.

## History

**2017–2018 — Foundation** <sup>[1][1]</sup>:
- The Saudi Digital Payments Company was launched in 2017, with official work beginning in 2018.
- Established as a subsidiary of the STC Group (Saudi Telecom Company), the Kingdom's largest telecommunications operator.
- Backed by the Public Investment Fund (PIF) through the STC Group ownership structure.

**2019 — Rebrand to STC Pay** <sup>[1][1]</sup>:
- December 2019: The company launched a new brand identity as **STC Pay**.
- Concurrently, STC Group rebranded its Bahrain and Kuwait branches from "VIVA" to "stc Bahrain" and "stc Kuwait".

**2020 — Unicorn status and EMI license** <sup>[1][1], [3][3]</sup>:
- STC Pay earned its **Electronic Money Institution (EMI)** license from SAMA, becoming the **first fintech company licensed by SAMA**.
- November 2020: Western Union acquired a **15% stake for $200 million**, valuing STC Pay at **$1.3 billion** — making it the **first fintech unicorn in the Middle East**.
- CEO Ahmed Alenazi announced expansion plans into UAE, Kuwait, and Bahrain.
- The company began negotiating with SAMA for a **digital banking license** to enable lending and expanded products.

**2021 — Digital bank conversion** <sup>[1][1]</sup>:
- **June 2021**: The **Central Bank of Saudi Arabia (SAMA)** approved the conversion of the Saudi Digital Payments Company (STC Pay) into a **digital bank**.
- This was a landmark regulatory decision — one of the first digital-only bank licenses issued in Saudi Arabia.

**2022–2025 — STC Bank era** <sup>[6][6]</sup>:
- The entity was formally restructured and rebranded as **STC Bank** (بنك إس تي سي).
- STC Bank appears in the Mada network member list as "STC Bank (Previously STC Pay)" — ranked as the #2 local digital bank in Saudi Arabia, behind D360 Bank and ahead of Vision Bank <sup>[6][6]</sup>.
- The STC Bank app is available on **App Store** (iOS), **Google Play** (Android), and **Huawei AppGallery** <sup>[5][5]</sup>.
- Paid-up capital: **SAR 6.35 billion**; Council of Ministers decree 671 dated 12/11/1442H (22/06/2021) <sup>[5][5]</sup>.
- The app was rebranded as "STC Bank" (App Store ID: 6458546150) while maintaining continuity with the STC Pay user base <sup>[5][5]</sup>.

## Technical features

**STC Bank app capabilities** <sup>[5][5]</sup>:

| Category | Features |
|---|---|
| **Cards** | Mada debit cards; Visa credit cards; virtual cards |
| **Transfers** | P2P (local and international via Western Union); contact-based transfers; group expense splitting |
| **Savings** | Smart Saver accounts; Fixed Deposit accounts |
| **Financing** | Personal Finance; Smart Finance; POS Financing; Capex Financing; Working Capital Financing |
| **QR payments** | SAQR-compliant merchant QR scanning; Mada Pay support |
| **Marketplace** | In-app marketplace with digital goods, gaming, entertainment |
| **Business** | Business accounts; POS terminals; e-commerce gateways; SME financing; merchant portal |
| **Analytics** | Spending tracking and analytics ("Qattah" feature) |
| **Multi-currency** | International money transfers via Western Union to 200+ countries |
| **App availability** | iOS (App Store), Android (Google Play), Huawei (AppGallery) |
| **Platform** | Shariah-compliant (Islamic banking principles) |

**Mada integration** <sup>[6][6], [Saudi Arabia report](https://docs.barcoder.ai/docs/payments/SA)</sup>:
- STC Bank is a **member of the Mada network** — all STC Bank-issued cards are Mada-compatible.
- STC Bank-issued cards support **Mada Pay** (NFC contactless on Android).
- STC Bank is listed among e-wallets that **issue Mada cards** and **support Mada Pay**.

**SAQR compliance** <sup>[Saudi Arabia report](https://docs.barcoder.ai/docs/payments/SA)</sup>:
- STC Pay (now STC Bank) was one of the **original SAMA-licensed QR payment providers** that had to comply with the SAQR standard by the end of 2021 [[saqr-cro]].
- Supports **static and dynamic QR codes** in the **EMVCo MPM (Merchant-Presented Merchandise)** format.
- Uses **ISO 20022 messaging** for cross-bank interoperability via the Saudi Payments platform operated by HPS <sup>[Saudi Arabia report](https://docs.barcoder.ai/docs/payments/SA)</sup>.

**International remittance**:
- Western Union integration enables **international money transfers** to 200+ countries <sup>[3][3]</sup>.
- This was the cornerstone of the Western Union investment thesis.

## QR format

STC Bank operates within the **SAQR** (Saudi QR Code) framework — SAMA's unified national QR standard <sup>[Saudi Arabia report](https://docs.barcoder.ai/docs/payments/SA)</sup>.

**QR specifications**:

| Attribute | Value |
|---|---|
| **Standard** | SAQR (SAMA QR Code Technology) |
| **EMVCo compliance** | Yes — EMVCo QR Code Specification (MPM) |
| **Messaging** | ISO 20022 |
| **QR modes** | Static QR (merchant), Dynamic QR (consumer) |
| **Payee info** | MERCHANT_PAN / MERCHANT_ACCOUNT_ID (SAQR payload) |
| **Currency** | SAR (682) |
| **Country** | SA |
| **Routing** | Saudi Payments switch (HPS platform) |
| **Compliance deadline** | End-2021 (all QR providers migrated) |

**SAQR payload structure** (per SAMA Rulebook on QR Code Technology):
```
00=01
01=12 (MPM — Merchant Presented Mode)
26=.. (Payload Format Indicator + SAQR-specific fields)
  01=Merchant Account Information — SAQR
    01=Global Unique Identifier (Mada/Saudi Payments merchant ID)
    02=Merchant Name
    03=Merchant City
  02=Primary Account Number (Mada card or SAQR account)
29=Merchant Name (fallback)
30=Merchant City
51–52=Transaction currency (SAR = 682)
53–54=Transaction amount
58=Country Code (SA)
59=Merchant Name
60=Merchant City
61=Postal Code (optional)
62=.. (Additional data — see sub-fields)
  01=Reference Label
  02=Label
  03=Narrative
63=CRC (CRC16-CCITT, CRC field length = 04)
```

**Consumer-Presented Mode (CPM)**:
- STC Bank supports **consumer-presents-QR** (CPM) mode for in-store payments where the merchant terminal generates a QR code for the app to scan <sup>[Saudi Arabia report](https://docs.barcoder.ai/docs/payments/SA)</sup>.

## Deployment

**User base** <sup>[3][3]</sup>:
- **4+ million active users** (as of November 2020) <sup>[3][3]</sup>.
- No publicly disclosed user count post-2020; the company transitioned to banking operations which shifts disclosure requirements.

**Market position**:
- **#2 digital bank** in Saudi Arabia (per Mada network member list) <sup>[6][6]</sup>.
- First fintech unicorn in the Middle East <sup>[1][1], [3][3]</sup>.
- Backed by the **STC Group** — Saudi Arabia's largest telecommunications operator with ~20,000 employees and infrastructure across KSA, Bahrain, and Kuwait <sup>[1][1]</sup>.
- Western Union (15% shareholder) provides the international remittance backbone <sup>[3][3]</sup>.

**App distribution**:
- **iOS**: App Store (App Store ID: 6458546150) <sup>[5][5]</sup>.
- **Android**: Google Play (package: `sa.com.stcbank`) <sup>[5][5]</sup>.
- **Huawei**: AppGallery (C108923057) <sup>[5][5]</sup>.

**Merchant acceptance**:
- All STC Bank POS terminals accept Mada cards <sup>[5][5]</sup>.
- STC Bank merchant portal and e-commerce gateway available for online accepting <sup>[5][5]</sup>.
- POS Financing available for SMB merchants <sup>[5][5]</sup>.

## Regulatory

**Primary regulator**: **Saudi Central Bank (SAMA)** <sup>[1][1], [3][3]</sup>.

**Licenses held**:
1. **Electronic Money Institution (EMI)** license — 2020, the first fintech company to receive one from SAMA <sup>[1][1], [3][3]</sup>.
2. **Digital Bank license** — approved June 2021 by SAMA, one of the earliest digital-only banking licenses in Saudi Arabia <sup>[1][1]</sup>.
3. **Council of Ministers decree 671** dated 12/11/1442H (22/06/2021) — formal authorisation to operate as a banking entity <sup>[5][5]</sup>.
4. **Mada network membership** — all STC Bank cards are Mada-compatible; supports Mada Pay NFC <sup>[6][6]</sup>.
5. **SAQR compliance** — migrated to SAMA's unified QR standard by end-2021 <sup>[Saudi Arabia report](https://docs.barcoder.ai/docs/payments/SA)</sup>.

**Regulatory framework**:
- SAMA's Payment Services Regulations.
- SAMA's QR Code Technology Rulebook.
- SAMA's consumer protection and cybersecurity requirements.
- Shariah-compliant operations overseen by STC Bank's Shariah Committee <sup>[5][5]</sup>.

**International partnerships**:
- **Western Union** (15% shareholder since 2020) — provides the international money transfer infrastructure to 200+ countries <sup>[3][3]</sup>.
- **Saudi Payments** (SAMA subsidiary) — provides the SAQR QR routing and settlement layer.
- **HPS** (Hightech Payment Systems) — technology partner for the SAQR platform <sup>[Saudi Arabia report](https://docs.barcoder.ai/docs/payments/SA)</sup>.

## Comparison

**vs. Mada Pay** — Mada Pay is SAMA's **own** mobile wallet (Android-only, NFC-based) <sup>[Saudi Arabia report](https://docs.barcoder.ai/docs/payments/SA)</sup>. STC Pay/STC Bank is a **commercial telco-backed digital bank** with a broader product range (savings, loans, business accounts, marketplace) but the same underlying Mada rail. Mada Pay is essentially a SAMA convenience app; STC Bank is a full banking entity.

**vs. D360 Bank** — D360 Bank is the #1 digital bank in Saudi Arabia (per Mada member list) <sup>[6][6]</sup>. Both are SAMA-licensed digital banks; D360 Bank is bank-backed (SNB subsidiary), while STC Bank is telco-backed. STC Bank has the Western Union remittance advantage.

**vs. Vision Bank** — Vision Bank is the #3 digital bank on the Mada list, also SAMA-licensed <sup>[6][6]</sup>. STC Bank's telco backing (STC Group's ~20M+ telecom subscriber base) gives it a distribution advantage over traditional bank-led digital offerings.

**vs. urpay** (Al Rajhi Bank) — urpay is a bank-affiliated e-wallet that issues Mada cards and supports Mada Pay <sup>[6][6]</sup>. STC Pay/STC Bank predates urpay and has the unicorn valuation, Western Union stake, and digital bank license that urpay (as an e-wallet) does not hold.

**vs. regional fintech wallets** (Alipay+, WeChat Pay, GrabPay) — STC Pay was the **first fintech unicorn in the Middle East** <sup>[1][1], [3][3]</sup>. In the GCC, its closest peer is **BenefitPay** (Bahrain) — a SAMA-regulated QR payment ecosystem. STC Pay's scale (4M+ users, $1.3B valuation) exceeds most GCC fintech wallets.

## Status

**Active, SAMA-regulated digital bank** <sup>[1][1], [5][5], [6][6]</sup>:

- **Licensed by SAMA** as a digital bank since June 2021.
- **Mada network member** — #2 digital bank in Saudi Arabia.
- **SAQR-compliant** QR payments active.
- **App available** on iOS, Android, and Huawei AppGallery.
- **Western Union** partnership active for international remittances.
- **SAR 6.35 billion** paid-up capital.
- **Shariah Committee** oversees Islamic compliance.
- **STC Group** (Saudi Telecom Company) is the parent company — publicly listed on the Saudi Stock Exchange (Tadawul: 7010) <sup>[1][1]</sup>.

**Notable**: The transition from STC Pay (e-wallet) to STC Bank (digital bank) represents one of the **most significant fintech-to-bank transformations in the Middle East**. STC Bank is among the earliest examples of a telco-backed fintech achieving full banking licensure in the GCC region.

## Sources

[1]: https://en.wikipedia.org/wiki/Stc_Group
[2]: https://en.wikipedia.org/wiki/Saudi_Payments_Network
[3]: https://www.cnbc.com/2020/11/23/saudi-arabias-stc-pay-eyes-rapid-gulf-expansion.html
[4]: https://www.spa.gov.sa/1821740
[5]: https://www.stcbank.com.sa/en
[6]: https://en.wikipedia.org/wiki/Saudi_Payments_Network#Member_banks_and_E-wallets_in_the_MADA_network
[sa-cro]: https://docs.barcoder.ai/docs/payments/SA
[mada-cro]: https://docs.barcoder.ai/source/standards/mada
[saqr-cro]: https://docs.barcoder.ai/source/standards/saqr

1. [Stc Group — Wikipedia][1]
2. [Saudi Payments Network — Wikipedia][2]
3. [STC Pay unicorn valuation and Gulf expansion plans — CNBC (Nov 2020)][3]
4. [STC Pay launch announcement — Saudi Press Agency (SPA)][4]
5. [STC Bank — official website][5]
6. [Mada network member e-wallets list — Wikipedia][6]
7. [SA-saudi-arabia.md — country report]<sup>[Saudi Arabia report](https://docs.barcoder.ai/docs/payments/SA)</sup>
8. [mada.md — national card network standard][mada-cro]
9. [saqr.md — Saudi QR standard][saqr-cro]

## Source

Biography extracted from [stc-pay.md](https://docs.barcoder.ai/source/wallets/stc-pay). See `matrix.md` for standards-support matrix if present.