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The two Bahrain-based fintech companies detailed the integration in a joint statement that links stc pay’s expanding customer base to PIE’s merchant terminals in retail, hospitality and services sectors. Customers can now scan a QR code generated on PIE devices directly through the stc pay app to complete transactions instantly and without physical cards or cash. Merchants gain streamlined operations and reduced cash-handling risks while tapping into stc pay’s user network, according to the companies. The move aligns with broader efforts to modernize payment infrastructure across the kingdom.
Metin Zavrak, CEO of stc pay, said in the statement, “Our partnership with PIE is a strategic step forward in accelerating Bahrain’s transition to a cashless economy. By enabling stc pay QR payments on PIE’s POS network, we are expanding access and convenience for our customers while giving merchants a secure and efficient payment solution that meets the pace of technological change in the financial sector. This collaboration directly supports the Kingdom’s vision for digital transformation in financial services and positions stc pay at the forefront of Bahrain’s evolving payment ecosystem.” The executive’s remarks underscore the partnership’s role in meeting rising demand for contactless options.
Shabbir Modi, Managing Director of PIE, stated, “At PIE, we remain committed to advancing Bahrain’s payments ecosystem by introducing alternative payment solutions that deliver value to both merchants and consumers. Our partnership with stc pay is a key milestone in expanding QR payment acceptance across our POS network, helping businesses provide a faster and more seamless checkout experience. Together, we are supporting Bahrain’s digital transformation journey and contributing to the Kingdom’s transition toward a cashless economy.” The fintech executive highlighted how the tie-up builds on PIE’s license from the Central Bank of Bahrain to offer payment solutions.
A Ken Research assessment values Bahrain’s digital payments market at USD 1.3 billion, propelled by e-commerce expansion, widespread internet access and official campaigns promoting cashless transactions. Central Bank of Bahrain data shows the Fawri+ instant payment service achieved 45 million successful transfers with a combined value nearing BD 1 billion in recent tallies. Such growth has positioned the kingdom second globally in real-time transactions per capita, behind only Thailand, according to an ACI Worldwide report referenced in industry reviews.
The collaboration extends stc pay’s efforts to broaden acceptance points beyond its core mobile wallet functions while helping PIE widen QR capabilities on its established POS hardware. Industry participants have increasingly adopted QR technology following the rollout of systems such as BenefitPay, which the Central Bank of Bahrain operates as the network’s technical backbone. More than 15,000 merchants now process digital payments through that platform, a figure that has climbed steadily amid regulatory support for innovation.
Further details in the companies’ announcement indicate the integration will support ongoing reductions in cash dependency across key economic segments. stc pay has positioned itself as a leader in Bahrain’s mobile payment space with features that emphasize security and ease of use. PIE, for its part, continues to roll out licensed solutions that complement national objectives for a fully digitized financial landscape.
