The Saudi Central Bank (SAMA) has entered into an agreement with Samsung to roll out the “Samsung Pay” service across Saudi Arabia by the fourth quarter of 2024.
The agreement was finalized during the 24th Fintech 2024 Conference in Riyadh. SAMA emphasized that this move is part of its continuous efforts to enhance the Kingdom’s digital payments ecosystem, aligning with the Financial Sector Development Program (FSDP) under Vision 2030.
Samsung Pay will offer users a secure and advanced payment experience, allowing them to store and manage their digital payment cards seamlessly within the “Samsung Wallet” application.
This initiative is a key component of SAMA’s broader strategy to promote the adoption of FinTech solutions across Saudi Arabia and support financial inclusion. It underscores the central bank’s commitment to building a robust digital payments infrastructure through the national payments system, “Mada,” as the country moves towards reducing cash dependency by offering cutting-edge digital payment solutions that meet international standards.
The introduction of Samsung Pay is part of a series of technological advancements aimed at addressing market needs and positioning Saudi Arabia as a global leader in FinTech innovation.
