The Saudi Central Bank (SAMA) has signed an agreement with Samsung to enable the launch of Samsung Pay in Saudi Arabia during Q4 of 2024.

 

The agreement was signed at the inaugural 24 Fintech conference in Riyadh, said a Saudi Press Agency report.

 

The step, said the release, reflects SAMA's ongoing efforts to improve digital payment in Saudi Arabia, in line with the objectives of the Financial Sector Development Program, a key initiative of Saudi Vision 2030.

 

It also reflects SAMA's commitment to developing a robust digital payments infrastructure through the national payments system "mada", thus moving toward a less cash-dependent society by providing advanced digital payment solutions that align with international standards.

 

The Samsung Pay service aims to offer an advanced and secure payment experience, enabling users to easily store and manage their digital payment cards with the Samsung Wallet application.

 

According to the release, the launch of the Samsung Pay service is part of a series of technical innovations that aim at meeting market needs and advancing Saudi Arabia's position as a global pioneer in FinTech.