The Saudi Central Bank (SAMA) announces the signing of an agreement with Samsung to provide the “Samsung Pay” service

The Saudi Central Bank (SAMA) announced the signing of an agreement with Samsung to make Samsung Pay available in the Kingdom during the fourth quarter of 2024, on the sidelines of the FinTech 24 conference held in Riyadh. This step comes as part of the Central Bank’s ongoing efforts to enhance the digital payments system in the Kingdom, in line with the objectives of the Financial Sector Development Program, one of the programs of Saudi Vision 2030.

Samsung Pay allows users in Saudi Arabia to conduct financial transactions quickly and securely using their smartphones, relying on Near Field Communication (NFC) and Magnetic Secure Transmission (MST) technologies. The service will enable users to save and manage digital payment cards via the Samsung Wallet application, providing an advanced and secure payment experience.Saudi Arabia is one of Samsung’s largest markets in the Middle East. According to recent statistics, Samsung has about 24 percent of the smartphone market share in the Kingdom. The number of Samsung mobile phone users in Saudi Arabia is estimated in the millions, reflecting the great demand for the company’s devices. Young people between the ages of 18 and 34 show great interest in financial technology and electronic payment, making Samsung Pay an ideal choice for them.

This service aims to expand the scope of use of financial technology solutions and enhance financial inclusion in the Kingdom by encouraging the financial sector to provide the latest payment methods to users. This step reflects SAMA’s commitment to developing the digital payments infrastructure through the Mada system, to support the transition to a less cash-dependent society.

Finally, the launch of Samsung Pay in Saudi Arabia represents an important step towards enhancing innovation in the financial sector and achieving digital transformation, which contributes to the growth of payment digitization indicators and achieving the goals of Vision 2030 in enhancing the digital economy and financial inclusion.