The Saudi Central Bank (SAMA) has signed an agreement with Google to introduce Google Pay service in the Kingdom in 2025, reported the Saudi Press Agency (SPA). The service will be available through the Saudi national payment network Mada.
SAMA’s agreement with Google aligns with the Central Bank’s ongoing efforts to enhance the Kingdom’s digital payment ecosystem in line with Saudi Vision 2030.
Furthermore, this move underscores SAMA‘s commitment to developing a robust infrastructure for digital payments, in order to reduce reliance on cash and provide advanced digital payment solutions that comply with international standards.
Through Google Pay, users will be able to make seamless and secure purchases in stores, through apps and online. The service will also allow users to conveniently and securely add and manage Mada cards and digital credit cards within Google Wallet.
The Google Pay service is part of broader efforts designed to meet market needs and boost Saudi Arabia’s status as a global pioneer in financial technology (FinTech).
According to SAMA’s latest data, e-commerce sales through Mada cards have seen a boom, recording an annual growth of 29.4%, an increase of about SAR 3.963bn. In November 2024, e-commerce sales reached SAR 17,442,294bn, compared to SAR 13,479,240bn for the same month in 2023.
Moreover, the third quarter of 2024 recorded an increase of 12% in e-commerce sales, with an increase of SAR 5,433,822bn in sales, compared to SAR 46,204,016bn in the second quarter of the year.
From January to November 2024, e-commerce sales jumped by 21%, increasing by SAR 3,015,808bn from SAR 14,426,486bn in January.
