Saudi Arabia is launching an additional mobile payment solution with the introduction of Samsung Pay, which will be seamlessly integrated into the national payment network, mada. The Saudi Central Bank (SAMA) confirmed the rollout, offering a secure and convenient alternative to traditional payment methods.
This initiative is part of SAMA’s ongoing efforts to enhance the nation’s digital payment infrastructure in line with Saudi Vision 2030, which aims to diversify the economy and promote financial inclusion through innovative technologies. Samsung Pay will allow users to store and manage mada cards, credit cards, and other payment options directly on their devices via the Samsung Wallet app. The service supports contactless payments at physical stores, online purchases, and in-app transactions, facilitating smoother and more secure digital transactions.
Samsung Pay is built with advanced security features, including tokenization, biometric verification, and Samsung Knox encryption, ensuring that all transactions are protected from potential fraud. The launch aligns with SAMA’s strategic goal of fostering a cashless society by developing cutting-edge digital payment infrastructure.
This move also addresses the growing demand for fintech solutions in Saudi Arabia and comes alongside the release of the “E-Wallets Rules” by SAMA, which regulate Electronic Money Institutions (EMIs). These new rules are designed to strengthen the security and stability of the financial system by setting guidelines for e-wallet registration, customer identity verification, and the management of dormant wallets.
The launch of Samsung Pay further underscores Saudi Arabia’s commitment to modernizing its financial sector while ensuring adherence to global standards for innovation and security in digital transactions.
