Saudi Arabia To Launch Samsung Pay In Fourth Quarter Of 2024

The Saudi Central Bank (SAMA) has signed an agreement with Samsung to launch Samsung Pay in Saudi Arabia. The mobile payment service will be launched in the country during the fourth quarter of this year. The agreement was signed at the inaugural 24 Fintech conference in Riyadh. 

The move is part of the Saudi Central Bank's ongoing measures to enhance digital payment in Saudi Arabia, in line with the objectives of the Financial Sector Development Program, a key initiative of Saudi Vision 2030. Saudi Press Agency, citing SAMA's statement, reported that the Samsung Pay service aims to deliver an advanced and secure payment experience, enabling users to easily store and manage their digital payment cards with the Samsung Wallet application.

The launch is part of a series of technical innovations that aim at meeting market needs and advancing Saudi Arabia's position as a global pioneer in FinTech. Meanwhile, the 24 Fintech conference, which will run until September 5, aims to convene experts to discuss ways of cooperation and explore opportunities in a way that contributes to positioning the country as a leading global hub for financial technology.