⬤ The Saudi Central Bank has announced that it has signed an agreement with Samsung to launch the Samsung Pay service in the Kingdom by the end of this year.
⬤ Samsung Pay offers users a seamless and secure payment experience, enabling them to store and manage their digital cards.
⬤ Launched in 2015, Samsung Pay creates a digital version of credit cards for mobile transactions.
During the 24Fintech event in Riyadh, the Saudi Central Bank (SAMA) revealed its partnership with Samsung to roll out the Samsung Pay service in Saudi Arabia in the fourth quarter of 2024. This initiative is part of the Bank’s ongoing efforts to strengthen the digital payments landscape in the Kingdom, aligning with the goals of the Financial Sector Development Program under Saudi Vision 2030.
The Samsung Pay service aims to provide users with a seamless and secure payment experience, allowing them to easily store and manage their digital payment cards. This is part of the Saudi Central Bank’s strategy to expand the use of financial technology solutions through smart devices, enhance financial inclusion in the Kingdom, and encourage the financial sector to serve customers with the latest payment methods.
The Saudi Central Bank is making significant efforts to develop the digital payment infrastructure in the Kingdom through the “Mada” payment system, with the goal of reducing the Kingdom’s reliance on cash payments by offering advanced digital payment solutions that comply with international standards and local technical requirements for the national payment infrastructure.
The 24Fintech event, taking place from September 3 to 5 at the Riyadh International Convention and Exhibition Center, is expected to welcome over 26,000 participants, 300 organizations, 200 investors, and 80 startups. The summit will feature international speakers from major financial organizations such as HSBC, S&P, Arthur D. Little, Swift, and Ripple to discuss important issues in the fintech industry.
Samsung launched the Samsung Pay service in South Korea in 2015, later announcing at CES 2016 the launch of the service for a variety of banks in Australia, Brazil, Spain, and Singapore. This service creates a digital version of credit or debit cards, enabling users to make payments with their phones.
