SAMA announces launch of Samsung Pay in Saudi Arabia

The Saudi Central Bank (SAMA) has announced the launch of mobile payment service Samsung Pay in Saudi Arabia, to be carried out through the national payment system, Mada.

In a statement picked up Argaam, SAMA noted that this move aligns with Saudi Vision 2030. It is also part of its ongoing efforts to bolster the Kingdom's digital payment ecosystem.

Samsung Pay aims to provide a seamless and secure payment experience for users, enabling them to add and manage Mada cards and digital credit cards easily via the Samsung Wallet app.

It seeks to expand the adoption of fintech solutions on smart devices, promote financial inclusion, and stimulate the financial sector to offer cutting-edge payment methods in the Kingdom.

This move underpinned SAMA's commitment to advancing the Kingdom's digital payment infrastructure. This is in a bid to accelerate the shift towards a cashless society and boost digital payment adoption through the provision of advanced digital payment solutions that align with the technical standards of the national payment system.

SAMA emphasized that Samsung Pay is part of a series of technological innovations designed to meet the needs of the Saudi market and streamline the digital payment experience. This initiative aims to solidify Saudi Arabia's position as a global leader in fintech payments.