Riyadh, Saudi Arabia — The Saudi Central Bank (SAMA) has announced a groundbreaking agreement with Samsung to launch Samsung Pay in the Kingdom by the fourth quarter of 2024. The agreement, signed during the inaugural 24 Fintech Conference in Riyadh, marks a significant step towards the advancement of the digital payments ecosystem in Saudi Arabia.
The initiative aligns with the Financial Sector Development Program (FSDP), a key pillar of Saudi Vision 2030, which aims to modernize the country’s financial sector and foster a cashless society. The introduction of Samsung Pay will offer users a seamless and secure payment experience, enabling them to store and manage their digital payment cards through the Samsung Wallet application.
This strategic collaboration is part of SAMA’s broader efforts to expand the adoption of FinTech solutions across the Kingdom, with the goal of enhancing financial inclusion and providing cutting-edge digital payment services that meet international standards. It also reinforces Saudi Arabia’s commitment to developing a robust digital payments infrastructure via the national payments network, mada.
By embracing innovative technologies such as Samsung Pay, SAMA continues to promote the shift towards a less cash-reliant economy, further positioning Saudi Arabia as a global leader in FinTech. This move follows a series of initiatives aimed at meeting market needs and advancing the country’s position at the forefront of the digital finance sector.
The launch of Samsung Pay is expected to accelerate the transformation of Saudi Arabia’s financial landscape and contribute to its long-term economic growth.
