Saudi Telecom's deal with Euronet to allow distributors sell mobile minutes electronically.(BUSINESS)
2.5G-3G, November, 2007
Leawood-based Euronet Worldwide, which delivers systems for electronics-based financial transactions, has signed a deal which would allow the distributors of Saudi Telecom Co. to electronically sell mobile minutes. Euronet stated that its ATX subsidiary has inked a contract to allow the distributors of Saudi Telecom Co.'s prepaid mobile products to migrate from scratch cards to an entirely electronic process. Saudi Telecom had around 15.5 million users by June, or 70 percent market share.
The company has a huge network of over 10,000 merchants, which sell minutes over scratch cards. The electronic process of sales would commence by the early part of 2008. Michael Brown, Euronet's chairman and CEO, stated that around 45 million prepaid scratch cards of Saudi...
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