The Saudi Central Bank (SAMA) announced the launch of ‘Samsung Pay’ through the national payment system ‘mada’ in Saudi Arabia as part of its ongoing efforts to enhance the digital payments ecosystem in the Kingdom, aligning with the Saudi Vision 2030. This initiative aims to promote financial inclusion and expand the use of fintech solutions across the Kingdom.
This initiative reflects SAMA’s commitment to developing a robust digital payments infrastructure for transformation into a less cash-dependent society by providing advanced digital payment solutions that align with international standards.
The Samsung Pay service offers an advanced and secure payments experience, enabling users to conveniently provision and manage their mada cards and credit cards within the ‘Samsung Wallet’ application.
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The launch of Samsung Pay service is part of series of innovations that aim at meeting market needs and advancing Saudi Arabia’s position as a global pioneer in fintech.
In September, SAMA had signed an agreement with Samsung to enable the launch of Samsung Pay in the Kingdom during Q4 of 2024.
The agreement was signed at the inaugural 24 Fintech conference in Riyadh.
What is Samsung Pay?
Samsung Pay is a mobile payment and digital wallet service developed by Samsung Electronics. It allows users to make payments using compatible smartphones and other Samsung devices.
Samsung Pay is part of Samsung Wallet. With Wallet, users get the features and benefits of Samsung Pay, plus Samsung Pass, digital home and car keys, digital asset management, and more.
With Samsung Pay, users can add their credit, debit, and gift cards to Samsung Pay and make payments with a simple tap of their phone. Samsung Pay uses a combination of technologies to protect user information, including tokenization, fingerprint authentication, and iris scanning. Millions of locations worldwide, including stores, restaurants, and online retailers accept Samsung Pay.
