The Saudi Central Bank (SAMA) has teamed up with Google to roll out Google Pay in 2025 through the national payment system ‘mada’.
This agreement is part of SAMA’s initiatives to improve the digital payments infrastructure in Saudi Arabia, consistent with the goals of Saudi Vision 2030.
SAMA aims to build a digital payments system that supports a shift towards a less cash-reliant society by offering advanced payment solutions that adhere to international standards.
Google Pay will provide a secure method for users to make purchases in stores, through apps, and online, facilitating the management and addition of cards via Google Wallet.
This integration of Google Pay into Saudi Arabia’s payment options aims to address market demands and bolster the country’s position in the global fintech landscape.
eSAMA
Continuing its digital enhancement efforts, SAMA has launched the trial phase of its new e-services portal, eSAMA. This portal enables individuals, government entities and businesses to electronically access various services provided by SAMA.
During this trial phase, eSAMA offers 23 digital services, including the management of personal data rights, applications to join the regulatory sandbox, requests for access to open banking services and submissions of no-objection requests for senior leadership appointments. Additional services will be progressively rolled out on the portal.
Saudi Arabia became an early mover in open banking in November 2022, when the SAMA released the country’s open banking framework encompassing legislation, technical standards and regulatory guidelines, drawing inspiration from successful implementations abroad.
Recognising the transformative potential of the technology in the Kingdom, Tech Finance Daily delves into the progress, plans and future of open banking in helping the country diversify its economy, promote financial inclusion, and attract foreign direct investment.
