SAMA and Samsung to Launch Samsung Pay in Saudi Arabia Q4
This initiative aligns with SAMA's ongoing efforts to enhance digital payment systems in Saudi Arabia.
The Saudi Central Bank (SAMA) announced that it has signed an agreement with Samsung to launch Samsung Pay in Saudi Arabia during the fourth quarter (Q4) of 2024. The agreement was finalized at the inaugural 24 Fintech conference in Riyadh.[1]
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This initiative aligns with SAMA's ongoing efforts to enhance digital payment systems in Saudi Arabia, supporting the objectives of the financial sector development program under Saudi Vision 2030. The introduction of Samsung Pay is part of SAMA's plan to develop a digital payments infrastructure through the national payment system "mada," aiming to reduce cash dependency and provide digital payment solutions that meet international standards.
Samsung Pay will provide users in Saudi Arabia with a secure and advanced payment experience, allowing them to easily store and manage their digital payment cards via the Samsung Wallet application. This launch is part of broader efforts to introduce technical innovations that cater to market needs and position Saudi Arabia as a global leader in FinTech.