Saudi Arabia is introducing an additional mobile payment solution with the debut of Samsung Pay, which will be seamlessly integrated into the national payment network, mada.
The Saudi Central Bank confirmed the rollout of this service, offering a secure and convenient alternative to traditional payment methods, as stated in a press release.
This launch is part of SAMA’s broader efforts to advance the nation’s digital payment infrastructure, in line with Saudi Vision 2030’s ambitious objectives to diversify the economy and foster financial inclusion through the adoption of innovative technologies.
Samsung Pay will enable users to store and manage mada cards, credit cards, and other payment options directly on their devices through the Samsung Wallet app. This feature facilitates seamless contactless payments at physical stores, online purchases, and in-app transactions.
The service is built with advanced security protocols, including tokenization, biometric verification, and Samsung Knox encryption, ensuring all transactions are safeguarded against potential fraud, as highlighted in the release.
The launch of Samsung Pay is in line with SAMA’s strategic goal of advancing a cashless society by developing cutting-edge digital payment infrastructure.
This initiative underscores Saudi Arabia’s commitment to modernizing its financial sector while adhering to global standards for innovation and security in digital transactions.
The introduction of Samsung Pay is part of a broader effort to address the increasing demand for fintech solutions in Saudi Arabia.
In the previous month, SAMA unveiled the “E-Wallets Rules” to regulate Electronic Money Institutions (EMIs), strengthening the security and stability of the country’s financial system.
These new regulations set forth guidelines for e-wallet registration, customer identity verification, and the management of dormant wallets, ensuring compliance and safeguarding all market participants.
This initiative aligns with SAMA’s continuous efforts to enhance the financial sector and empower EMIs to contribute to its growth.
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