Saudi c. Bank, Samsung collaborate to launch Samsung Pay in KSA

Saudi Central Bank (SAMA) and Samsung signed an agreement to enable the launch of Samsung Pay in Saudi Arabia during the fourth quarter of 2024. The announcement came during the inaugural 24 Fintech conference in Riyadh, on Monday.

The Samsung Pay service is designed to offer an advanced and secure payment experience, allowing users to store and manage their digital payment cards within the “Samsung Wallet” application. Moreover, this collaboration is part of SAMA’s broader efforts to expand the use of FinTech solutions across the Kingdom, aligning with the objectives of the Financial Sector Development Program (FSDP) under Saudi Vision 2030.

This initiative reflects SAMA’s commitment to enhancing the digital payments ecosystem and promoting financial inclusion. By strengthening the national payments system, Mada, SAMA aims to reduce cash dependency in Saudi Arabia, offering digital payment solutions that adhere to international standards.

Attribution: SAMA

Subediting: M. S. Salama