The Saudi Central Bank (SAMA) has announced the launch of Samsung Pay through the national payment system called mada, as part of its efforts to advance the digital payments ecosystem in Saudi Arabia.
This initiative aligns with the Saudi Vision 2030 goal of promoting financial inclusion and expanding fintech solutions across the region.
Details about Saudi Vision 2030
Saudi Arabia’s Vision 2030 is a government program launched in 2016 that aims to increase diversification economically, socially and culturally. It includes a number of goals and reform strategies for the nation’s long-term economic success, including reductions in subsidies, the creation of a sovereign wealth fund, opening Saudi Aramco to private investment through a partial IPO, and reforms to several industries including tourism and defence.
This initiative is built on three primary themes: a ‘vibrant society’, a ‘thriving economy’ and an ‘ambitious nation’.
A few key objectives included in these themes are developing Saudi cities so that three are recognised among the 100 top-ranked cities in the world, creating new job opportunities, diversifying the economy, unlocking underdeveloped industries such as manufacturing, renewable energy and tourism, and establishing zero tolerance for all levels of corruption, among many other goals.
Details about the launch
By launching Samsung Pay, SAMA’s aim is to optimise the digital payment infrastructure to transition Saudi Arabia into being a society less dependent on cash by introducing advanced digital payment solutions that meet international standards.
Samsung Pay offers users a secure and simple experience, allowing them to manage their mada and credit cards conveniently within the Samsung Wallet application.
The introduction of Samsung Pay is one of several improvements aimed at meeting market needs and helping the region solidify its position in the global fintech landscape.
