RIYADH: Google Pay will be rolled out across Saudi Arabia, the Kingdom’s central bank announced during the Money20/20 Middle East event.
The bank, also known as SAMA, also signed an agreement with Ant International to enable the acceptance of Alipay+ payments by 2026.
Both companies will utilize the Kingdom’s National Payment System, mada, according to a statement.
These developments align with Saudi Arabia’s Vision 2030 objectives to bolster the digital economy, expand financial inclusion, and increase the share of cashless transactions to 70 percent by 2025.
They also align well with SAMA’s continued efforts to advance Saudi Arabia’s digital payments landscape, supporting the goals of the Financial Sector Development Program — one of the main components of Saudi Vision 2030.
“The Google Pay service provides an advanced and secure payments experience, enabling users to conveniently provision and manage their mada cards and credit cards within the Google Wallet application,” the statement said.
“The launch of the Google Pay service is part of a series of market infrastructure enablement initiatives designed to meet Saudi market needs and streamline the digital payment experience – thereby reinforcing Saudi Arabia’s position as a global pioneer in fintech solutions,” it added.
Visitors to Saudi Arabia using international digital wallets connected to Alipay+ will be able to carry out secure and advanced transactions at retail locations offering the service.
The acceptance of Alipay+ payments is one of several initiatives designed to cater to the Saudi market’s needs and reinforce the Kingdom’s status as a global leader in fintech and digital payment solutions.
In a keynote speech at the conference being held in Riyadh, SAMA Gov. Ayman Al-Sayari said Saudi Arabia’s fintech sector has grown from 82 companies at the end of 2022 to around 281 firms by the end of August.
“The extraordinary growth of this sector has been in keeping with our national ambitions and commitment to global excellence. The sector has experienced a remarkable threefold expansion,” Al-Sayari said.
He added: “It has also attracted market leading cumulative investments of around SR9 billion ($2.39 billion), cementing its status as one of the most attractive sectors for investors.”
The governor went on to note that the highlight of this progress has been the payments ecosystem in Saudi Arabia, which is now firmly established as one of the most digitally advanced in the world.
“Electronic payments, for example, has accounted for 79 percent of total retail payments in 2024, while the total number of electronic payments has grown to 12.6. billion in 2024, up from 10.8 billion and 2023,” Al-Sayari said.
“This growth is not just a reflection of our ambition but also of the ability to innovate and deliver solutions that solve industry challenges,” he added.
The governor emphasized these successes in the Kingdom’s financial sector have leveraged Saudi Arabia’s diverse and distinctive competitive advantages.
Finance Minister Mohammed Al-Jadaan used a speech at the event to shed light on how the Saudi financial market is among the fastest growing globally, surpassing SR2.4 trillion.
He also noted that the country is currently working on integrating artificial intelligence tools into the financial market.
Running from Sept. 15 to 17, Money20/20 Middle East is focused on driving the future of money, finance, and technology, and features 451 brands, 450 speakers, 1,051 investors, and 157 startups.
