The Saudi Central Bank (SAMA) has signed an agreement with Samsung to offer Samsung Pay, a mobile payment and digital wallet service, in Saudi Arabia during the 4th quarter of 2024, reported the Saudi Press Agency (SPA).
Samsung Pay will offer an advanced and secure payment experience, allowing users to smoothly store and manage digital payment cards within the Samsung Wallet application.
Signed on the sidelines of 24 Fintech conference, the agreement perfectly mirrors SAMA’s unwavering efforts to revolutionize the digital payments ecosystem in Saudi Arabia.
This strategic move aligns with the ambitious objectives of the Financial Sector Development Program (FSDP), outlined by Saudi Vision 2030.
It serves as a symbol of SAMA’s strategy to widely expand the utilization of fintech solutions across Saudi Arabia and further boost the financial conclusion.
The Saudi Central Bank has been fully dedicated to making a noticeable difference in digital payments infrastructure through the national payments system “mada”.
Thus, the Kingdom has been unfolding a new chapter, heading towards a less cash-dependent society by providing advanced digital payment solutions supported by international standards.
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