The Saudi Central Bank (SAMA) announced that it has finalized an agreement with Samsung to introduce Samsung Pay in Saudi Arabia by the fourth quarter of 2024. This agreement was signed during the inaugural 24 Fintech conference held in Riyadh.
According to a statement, this initiative underscores Saudi Central Bank’s dedication to enhancing digital payment solutions within the country, aligning with the goals of the Financial Sector Development Program, a central component of Saudi Vision 2030.Â
Additionally, it highlights Saudi Central Bank’s commitment to establishing a robust digital payments framework through the national payments system, “mada,” facilitating a transition to a society less reliant on cash and offering sophisticated digital payment options that meet international standards.
Read more: 24 Fintech: Saudi Arabia to increase number of fintech companies to 525 by 2030Â
The Samsung Pay service is designed to provide a secure and advanced payment experience, allowing users to conveniently store and manage their digital payment cards with the Samsung Wallet app. Moreover, the release indicated that the launch of Samsung Pay is part of a broader strategy of technological innovations aimed at addressing market demands and bolstering Saudi Arabia’s status as a global leader in FinTech.
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