Riyadh: To expand the use of digital payments and offer more choices to consumers, the Saudi Central Bank (SAMA) has signed an agreement with Samsung to enable the launch of “Samsung Pay” across the Kingdom during the fourth quarter (Q4) of 2024.
The agreement was signed on the sidelines of the 24 Fintech 2024 Conference held in Riyadh.
The step is part of SAMA’s ongoing efforts to improve digital payment in Saudi Arabia, in line with the objectives of the Financial Sector Development Program, a key initiative of Saudi 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 with the Samsung Wallet application.
The launch of the Samsung Pay service is part of a series of technical innovations that aim at meeting market needs and advancing the Kingdom’s position as a global pioneer in FinTech.
About Samsung Pay
Samsung Pay is a digital wallet and mobile payment service offered by Samsung Electronics, enabling users to make payments using compatible Samsung devices.
It is currently available in more than 20 countries, and is working to expand to more countries around the world, including Saudi Arabia.
