Three digital payment firms operating in Saudi Arabia: report

Saudi Arabia has set up three digital payment service providers out of nine firms, who had sought to access the Kingdom, El-Eqtisadiah newspaper reported, quoting the Minister of Communications and Information Technology.

“The three companies are STC Pay, BayanPay and Halalah,” Abdullah Al-Sawahah said, adding that “the remaining six firms will enter the market later on.”

“These service providers will launch their pilot operations under the supervision of the Saudi Arabian Monetary Authority (SAMA),” he further indicated.

STC Pay is a partnership between Saudi Telecom Co. (STC) and Western Union, while Halalah is owned by Mobile Telecommunication Co. (Zain Saudi Arabia) and other Saudi investors.