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SAMA Announces the Enablement of “Samsung Pay” Service in KSA During Q4, 2024
The Saudi Central Bank (SAMA) announces the signing of an agreement with Samsung to enable the launch of Samsung Pay in Saudi Arabia during Q4 2024. The agreement was signed at the inaugural 24 Fintech conference in Riyadh.
The step is part of SAMA’s ongoing efforts to enhance the digital payments ecosystem in Saudi Arabia, aligning with the objectives of the Financial Sector Development Program (FSDP), 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 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 SAMA’s commitment to 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.
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