The Saudi Central Bank (SAMA) has officially partnered with Samsung to introduce Samsung Pay in Saudi Arabia by the fourth quarter of 2024. This agreement was finalised during the inaugural 24 Fintech conference held in Riyadh, marking a significant milestone in the Kingdom’s digital payments landscape.
Advancing Digital Payments in Saudi Arabia
This collaboration underscores SAMA’s dedication to enhancing digital payment systems in line with the Financial Sector Development Program, a pivotal component of Saudi Arabia’s Vision 2030. The initiative aligns with the broader goal of transitioning towards a less cash-reliant society by leveraging advanced digital payment solutions.
Enhancing Digital Payment Infrastructure
The introduction of Samsung Pay reflects SAMA’s ongoing efforts to build a robust digital payments infrastructure through the national payments system, “mada.” This partnership aims to provide secure and innovative payment solutions that meet international standards, further strengthening the Kingdom’s position in the global FinTech sector.
Samsung Pay: A New Era of Payment Convenience
Samsung Pay will offer users a sophisticated and secure payment experience through the Samsung Wallet application. The service will allow users to seamlessly store and manage their digital payment cards, making transactions more convenient and efficient.
The launch of Samsung Pay is part of a broader wave of technological innovations designed to address market needs and establish Saudi Arabia as a leader in the global FinTech industry.
