The Saudi Central Bank (SAMA) has unveiled the official launch of “Samsung Pay” in Saudi Arabia, through the national payment system “mada”, the Saudi Press Agency (SPA) reported.
The launch is part of SAMA’s constant attempts to revolutionize digital payment and support the Kingdom’s digital transformation in line with Saudi Vision 2030.
With a promise to provide users with an advanced and secure payment experience, Samsung Pay will enable customers to easily and securely manage Mada cards and credit cards via the “Samsung Wallet” application.
Therefore, the service crystalizes the bank’s strategy to expand the use of FinTech solutions via smart devices and foster financial inclusion across the Kingdom.
“The launch of the Samsung Pay service is part of a series of innovations that aim at meeting the market needs and advancing Saudi Arabia’s position as a global pioneer in FinTech,” the release stated.
In September, SAMA signed an agreement with Samsung to offer Samsung Pay in Saudi Arabia during the 4th quarter of 2024.
Signed on the sidelines of 24 Fintech conference, the agreement perfectly mirrored SAMA’s unwavering efforts to revolutionize the digital payments ecosystem in Saudi Arabia.
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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