An agreement between Samsung and the Saudi Central Bank (SAMA) calls for the introduction of Samsung Pay in Saudi Arabia in the fourth quarter of 2024. The agreement was reached at the first-ever 24 Fintech conference in Riyadh.
This calculated move is a component of SAMA's continuous efforts to improve Saudi Arabia's digital payments ecosystem, in line with the goals of the Financial Sector Development Program (FSDP), a major project under Saudi Vision 2030.
With Samsung Pay, customers can conveniently store and manage their digital payment cards within the "Samsung Wallet" application, offering a sophisticated and secure payment experience. This partnership is a component of SAMA's larger plan to advance financial inclusion and increase the usage of FinTech solutions throughout the Kingdom.
Through the national payments system known as "mada," the program highlights SAMA's dedication to building a strong digital payments infrastructure and encouraging a move away from a cash-dependent culture. Saudi Arabia hopes to become a worldwide FinTech leader, and the launch of Samsung Pay will help achieve this aim by offering cutting-edge digital payment solutions that adhere to international standards.
