Saudi Central Bank to enable Samsung Pay service in Q4 2024

The Saudi Central Bank (SAMA) signed an agreement with Samsung to enable the “Samsung Pay” service across the Kingdom during the fourth quarter of 2024.

The agreement was signed on the sidelines of the 24 Fintech 2024 Conference held in Riyadh.

SAMA explained that this step affirms its ongoing efforts to strengthen the digital payments system in the Kingdom, aligning with the Financial Sector Development Program’s (FSDP) objectives, a key initiative of Vision 2030.

The Samsung Pay service aims to offer an advanced and secure payment experience, enabling users to easily store and manage their digital payment cards within the “Samsung Wallet" application.

The agreement is part of SAMA's strategy to expand the use of FinTech solutions across the Kingdom and promote financial inclusion.

This initiative reflects the central bank’s commitment to continue developing a robust digital payments infrastructure through the national payments system “Mada," thereby transforming towards a less cash-dependent society by providing advanced digital payment solutions that align with international standards.

The launch of the Samsung Pay service is part series of technical innovations that aim at meeting market needs and advancing Saudi Arabia's position as a global pioneer in FinTech.