Saudi Central Bank Collaborates with Samsung to Launch Samsung Pay in Saudi Arabia
In an exciting development, the Saudi Central Bank (SAMA) has announced a groundbreaking agreement with tech giant Samsung to introduce Samsung Pay to the Saudi Arabian market in the fourth quarter of 2024.
The official signing of the agreement took place at the prestigious 24 Fintech conference held in Riyadh, marking a significant milestone in the realm of digital payments in the Kingdom.
Aligned with the objectives of the Financial Sector Development Program (FSDP), which is a key component of the ambitious Saudi Vision 2030, this strategic move underscores SAMA’s relentless efforts to elevate the digital payments landscape in Saudi Arabia.
With a focus on delivering an advanced and secure payment experience, Samsung Pay will empower users to conveniently store and manage their digital payment cards using the innovative “Samsung Wallet” application. This collaboration forms a crucial part of SAMA’s overarching strategy to proliferate the adoption of FinTech solutions across Saudi Arabia and foster financial inclusion.
By reinforcing the national payments system “mada” and steering towards a society with reduced dependence on cash transactions, SAMA is solidifying its commitment to building a resilient digital payments infrastructure. The introduction of Samsung Pay, equipped with cutting-edge digital payment solutions that adhere to global standards, will propel Saudi Arabia towards its aspiration of emerging as a frontrunner in the FinTech arena.
This latest initiative is part of a series of technological advancements aimed at addressing market demands and propelling Saudi Arabia’s stature as a trailblazer in the digital finance sector. — SG
