The Saudi Central Bank (SAMA) has signed an agreement with Samsung to introduce the Samsung Pay service in Saudi Arabia during the fourth quarter of 2024, the bank announced on Tuesday at the Fintech 24 conference in Riyadh.

This move is part of SAMA's ongoing efforts to enhance the digital payments ecosystem in Saudi Arabia, aligning with the objectives of the Financial Sector Development Program, one of the key initiatives under the Kingdom's Vision 2030.

Samsung Pay aims to offer users an advanced and secure payment experience, allowing them to easily store and manage digital payment cards through the Samsung Wallet app. The service is part of SAMA's strategy to expand the use of financial technology solutions via smart devices, promote financial inclusion, and encourage the financial sector to serve customers through the latest payment methods.

"This step reflects SAMA's commitment to continuously developing the digital payments infrastructure in Saudi Arabia through the national payment system 'mada'," a SAMA spokesperson said. "It will contribute to the growth of digital payment indicators and support the transition to a less cash-dependent society by providing advanced digital payment solutions that comply with global standards."

The introduction of Samsung Pay is part of a series of technological innovations aimed at meeting the needs of the Saudi market and facilitating digital payment experiences for shoppers.

It also aims to reinforce Saudi Arabia's position as one of the leading countries in financial technology payments both regionally and globally.

The service is expected to be compatible with the local technical requirements of the national payment infrastructure.