The Saudi Central Bank (SAMA) has launched “Samsung Pay” in Saudi Arabia, through the national payment system “mada”.
This initiative is part of the Saudi Central Bank’s ongoing efforts to enhance digital payments and aligns with the goals of Saudi Vision 2030. This will help promote financial inclusion and expand the use of FinTech solutions across the Kingdom.
According to the release, the Samsung Pay service offers an advanced and secure payment experience, enabling users to easily add and manage their mada cards and credit cards” in the “Samsung Wallet” application.
This move underscores SAMA’s commitment to developing a “robust digital payments infrastructure, facilitating the transition to a less cash-dependent society by providing advanced digital payment solutions that meet international standards,” reads the release.
“The launch of the Samsung Pay service is part of a series of innovations that aim at meeting the market needs and advancing Saudi Arabia’s position as a global pioneer in FinTech,” as per the statement.
Recently, the Saudi Central Bank signed a Memorandum of Understanding (MoU) with the Hong Kong Monetary Authority (HKMA) in order to strengthen collaboration between the two central banks. The two central banks explored potential areas of cooperation in financial stability, data analyses, financial innovation, and the development of payment systems. Further, the meeting included detailed discussions and exchanges of views on various topics.
