RIYADH: Saudis will now have access to another mobile payment option with the launch of Samsung Pay, which will be integrated into the national payment system mada.
The Saudi Central Bank announced the availability of this new service, providing a secure and convenient alternative to traditional cash and payment methods, according to a press release.
The launch is part of SAMA’s ongoing initiatives to enhance the digital payments ecosystem in alignment with the ambitious goals of Saudi Vision 2030, which aims to diversify the economy and promote financial inclusion through the roll out of new technologies.
“The launch of Samsung Pay service is part of a series of innovations that aim at meeting market needs and advancing Saudi Arabia’s position as a global pioneer in fintech,” said SAMA in a statement.
Samsung Pay will allow users to store and manage mada cards, credit cards, and other payment methods directly on their devices via the Samsung Wallet app. This will enable contactless payments in physical stores, online transactions, and in-app purchases.
The service utilizes advanced security technologies, including tokenization, biometric authentication, and Samsung Knox encryption, ensuring that every transaction is protected against fraud, the release added.
The introduction of Samsung Pay aligns with SAMA’s strategic objective to foster a cashless society by developing a state-of-the-art digital payments infrastructure.
This move reflects the Kingdom’s dedication to modernizing its financial sector while adhering to international standards for innovation and security in digital transactions.
The launch of Samsung Pay is just one of many initiatives aimed at meeting the growing demand for fintech solutions in the Kingdom.
Last month, SAMA issued the “E-Wallets Rules” to regulate Electronic Money Institutions, enhancing the safety and stability of the financial sector.
The new rules outlined requirements for opening e-wallets, verifying client identities, and managing inactive wallets, ensuring compliance to protect market participants.
This move supports SAMA’s ongoing efforts to develop the financial sector and empower EMIs.
