The Saudi Central Bank (SAMA), the Kingdom’s central banking authority responsible for monetary policy, financial stability and payment systems, has announced the launch of Google Pay through the national payment network, Mada.
The move is aimed at strengthening Saudi Arabia’s digital payments ecosystem and aligns with the Financial Sector Development Program, which forms part of the country’s Vision 2030 strategy, according to FF News.
The initiative underscores the government’s commitment to reducing reliance on cash and promoting financial inclusion through innovative FinTech solutions.
SAMA, which oversees the Kingdom’s financial and banking industry, has been driving initiatives to support a modern payment infrastructure and create an environment conducive to innovation. The launch of Google Pay represents a step forward in its broader plans to enhance financial accessibility and efficiency.
The Google Pay service will allow users in Saudi Arabia to securely add and manage Mada cards, as well as digital credit cards, through the Google Wallet app. This integration provides a seamless way for consumers to make contactless transactions using their smartphones and other smart devices.
In addition to security and convenience, the service supports interoperability with international standards. By introducing Google Pay, SAMA is ensuring Saudi consumers have access to advanced payment options that meet global benchmarks while addressing local needs.
The launch of Google Pay is part of a wider strategy by SAMA to expand the use of FinTech services across the Kingdom. It also aims to stimulate the financial sector with advanced digital solutions, simplify payment experiences for users, and encourage greater adoption of smart technologies.
The announcement was made during the Money20/20 Middle East conference at the Riyadh International Convention and Exhibition Center in Mulham.
