the Saudi Central Bank (SAMA) associated with Google to launch Google Pay in 2025 through the national payment system ‘mada’.
This agreement is part of SAMA’s initiatives to improve the digital payment infrastructure in Saudi Arabia, which is in line with the goals of Saudi Vision 2030.
SAMA aims to create a digital payment system that supports the transition to a less cash-dependent society by offering advanced payment solutions that comply with international standards.
Google Pay will provide a secure way for users to make purchases in stores, through apps, and online, making it easy to manage and add cards through Google Wallet.
This integration of Google Pay with Saudi Arabia’s payment options aims to respond to market needs and strengthen the country’s position in the global fintech landscape.
eSAMA
Continuing its digital development efforts, SAMA has launched the test phase of its new e-service portal, eSAMA. This portal enables individuals, government entities and businesses to electronically access the various services provided by SAMA.
During this trial period, eSAMA offers 23 digital services, including the management of personal data rights, applications to participate in the regulatory sandbox, requests for access to the services of open banking and submissions of unopposed requests for senior leadership appointments. Additional services will be gradually rolled out on the portal.
Saudi Arabia became an early mover in open banking in November 2022, when SAMA released the country’s open banking framework comprising legislation, technical standards and regulatory guidelines, drawing inspiration from the successful implementation abroad.
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