The Saudi Central Bank (SAMA) has announced the launch of Samsung Pay, integrated with the national payment system mada, as part of its ongoing efforts to advance the digital payments ecosystem in Saudi Arabia. This initiative is in alignment with Saudi Vision 2030, which aims to promote financial inclusion and expand fintech solutions across the region.
Saudi Vision 2030 Overview
Launched in 2016, Saudi Arabia’s Vision 2030 is a government-led program designed to diversify the country’s economy, society, and culture. The vision includes key strategies such as reducing subsidies, establishing a sovereign wealth fund, opening Saudi Aramco to private investment through a partial IPO, and implementing reforms in industries such as tourism and defense.
Vision 2030 focuses on three primary themes: a ‘vibrant society’, a ‘thriving economy’, and an ‘ambitious nation’. Key goals under these themes include developing Saudi cities to rank among the world’s top 100, creating new job opportunities, diversifying the economy, and advancing underdeveloped sectors such as manufacturing, renewable energy, and tourism, with a zero-tolerance approach to corruption.
Samsung Pay Launch Details
The introduction of Samsung Pay aims to optimize Saudi Arabia’s digital payment infrastructure, contributing to the transition from a cash-dependent society to a more digitally integrated one. The service is designed to meet international standards while offering users a secure and seamless experience, allowing them to manage mada and credit cards directly within the Samsung Wallet app.
This launch is part of a broader initiative to enhance digital payment solutions and strengthen the region’s position in the global fintech landscape, reflecting Saudi Arabia’s commitment to modernizing its financial systems and supporting the goals of Vision 2030.
