Dubai: The Saudi Central Bank (SAMA) partners with Samsung to introduce Samsung Pay in Saudi Arabia, with the launch scheduled for the fourth quarter of this year.
This agreement was formalised at the inaugural 24 Fintech conference in Riyadh, according to a report by Saudi Gazette.
The collaboration is a key part of SAMA’s strategy to advance the digital payments landscape in Saudi Arabia, aligning with the goals of the Financial Sector Development Program (FSDP), which is a cornerstone of Saudi Vision 2030.
Saudi Vision 2030 is a programme launched in 2016 with the main aim of diversifying revenues away from oil.
Samsung Pay is set to offer a sophisticated and secure payment experience, allowing users to conveniently store and manage their digital payment cards within the Samsung Wallet app.
This initiative supports SAMA’s broader mission to promote FinTech solutions across the country and enhance financial inclusion.
The launch highlights SAMA’s dedication to building a strong digital payments infrastructure through the national payments system mada, aiming to reduce reliance on cash.
This development is part of a broader push for technological innovation to address market demands and reinforce Saudi Arabia’s role as a leader in the digital finance sector.
