Riyadh – Mubasher: The Saudi Central Bank (SAMA) penned an agreement with Samsung to provide access to Samsung Pay service in the Kingdom during the fourth quarter (Q4) of 2024.
The announcement was unveiled on the sidelines of the 24 Fintech event, which is taking place in Riyadh during 3-5 September 2024.
SAMA highlighted that this step aligns with its efforts to enhance the digital payments system across the Kingdom within the framework of the Saudi Vision 2030.
The service aims to provide an advanced and secure payment experience for users, as it enables them to save and manage digital payment cards seamlessly through the "Samsung Wallet" app.
Furthermore, SAMA indicated that this step will bolster the country’s digital payments infrastructure through the Saudi Payments Network (Mada) and transform the Kingdom into a society less dependent on cash by providing advanced digital payment solutions.
This move will also anchor Saudi Arabia’s position as one of the leading countries in the fintech sector regionally and globally.
Ayman Al Sayari, the Governor of SAMA, addressed co-hosting the 24 Fintech conference, noting that it brings added value to the economy in a manner that encourages competitiveness in Saudi Arabia’s financial market.
