stc Pay Bahrain has secured a licence from the Central Bank of Bahrain, clearing the way for the kingdom’s only mobile wallet that bundles everyday payments, payroll and overseas remittances in one app.
The new subsidiary of stc Bahrain launches with a prepaid Mastercard, instant cashback and competitive international money-transfer rates, positioning the telco’s fintech arm as a one-stop shop for consumers and businesses. The wallet also supports Bahrain’s Wages Protection System, letting firms run compliant payrolls while nudging the economy closer to cashless targets outlined in Vision 2030. To widen access, stc Pay has teamed up with Khaleeji Commercial Bank so unbanked and underbanked residents can top up, transfer funds via Fawri and Fawri+, and make local bank payments from their phones.
The product rides on stc Bahrain’s US $2 billion network investment and 13-year push to digitise services across the kingdom; analysts expect mobile-first finance to accelerate as smartphone penetration tops 100 percent and shoppers demand faster, safer checkouts. For stc Pay, the CBB’s approval cements its status among a handful of Category 4 licensees able to offer the full spectrum of crypto and fiat transactions—an edge that could lure regional merchants and gig-economy platforms seeking seamless payouts. Beyond consumer perks, the company says its unified platform will help small businesses cut fees, streamline reconciliation and drive loyalty through cashback.
“Developing Bahrain’s digital infrastructure is core to our business operations and technology innovation, which is a testament to the $2 billion investment to date,” said Eng. Nezar Banabeela, stc Bahrain CEO and Chairman of stc Pay.
Users across Bahrain can download stc Pay now to activate the wallet and order the prepaid Mastercard.
