Saudi Arabia is a market where e-wallet usage has grown sharply amid the cashless push led by SAMA. stc pay is a digital wallet from Saudi Arabia's largest telecom group, STC, which grew by combining P2P transfers, QR payments, and bill payments into one service, and expanded its user base further alongside remittance demand from foreign workers living in Saudi Arabia. It has also received a digital banking license from SAMA and has been expanding into banking services (stc bank), giving it a loyal user base that treats the wallet much like a bank account.

Because balance-based wallet payments allow transactions without needing a card to be issued, this method is useful for merchants aiming to reach mobile-savvy younger consumers as well as foreign residents. For businesses with frequent, small-value transactions — digital content, everyday services, mobile commerce — it's worth considering adding stc pay alongside Mada and Apple Pay to broaden payment options.

Consumers approve payments using the balance topped up in their stc pay app or a linked payment method, and online payments in SAR are completed via in-app authentication or QR scanning. Hecto Financial then receives the resulting amount in SAR and, after currency conversion, settles it with the Korean merchant in whichever currency was selected in the contract — USD, KRW, or JPY. Because the shift to stc bank may change verification screens and service naming, checking the specifications at the time of integration is necessary.

Through Hecto Financial, Korean corporations can consider the possibility of accepting stc pay without entering into a direct merchant contract with STC. Since this method is undergoing a service transition (the shift to digital banking), please reconfirm the scope of support, fees, and settlement terms at the time of consultation.

• Business registration country

  Confirm eligibility for a contract as a Korea-based merchant

• Sales channel

  The integration method differs depending on whether you are online-only or also operate offline stores in Saudi Arabia

• Product categories

  Advance confirmation is needed on whether your categories fall under merchant policy restrictions from the stc pay operator

• Local regulatory compliance

  Confirmation is needed on compliance with Saudi Arabia's payment and foreign exchange regulations (see official sources below)

The flow of stc pay payment proceeds is as follows. When a Saudi consumer pays in SAR, Hecto Financial receives that amount in local currency and, after conversion, pays it out to the Korean merchant in whichever currency was designated in the contract — USD, KRW, or JPY. The settlement cycle and fee rate are set according to the contract terms. Refunds are typically returned to the wallet balance, and since stc pay's policy and Hecto Financial's operating standards both apply, please confirm the processing procedure before signing a contract.

• Saudi Central Bank (SAMA)Official information on Saudi Arabia's payment systems and related regulations. If this page's content differs from the actual regulations, the official source takes precedence.