The Saudi Central Bank (SAMA) has launched Google Pay through the Kingdom’s national payment network Mada.
This initiative reflects SAMA’s ongoing efforts to improve and strengthen its digital payments ecosystem in accordance with the Financial Sector Development Program. The bank is committed to creating a digital payment infrastructure that is strong and capable of supporting the shift towards a cashless society by offering modern payment solutions aligned with international standards.
Saudi Arabia’s development plans
This new capability will allow users to securely add and manage Mada cards and digital credit cards through the Google Wallet app. This is part of the bank’s mission to expand the use of fintech solutions across smart devices, offering wider access to these services, encouraging financial inclusion, and stimulating the financial sector with more digital payment options.
SAMA mentioned that the launch of Google Pay is part of a wider set of goals designed to improve the Kingdom’s infrastructure, meet the needs and demands of the Saudi market, and simplify digital payment experiences.
The initiative aligns with the Financial Sector Development Program, which aims to shape the future of Saudi Arabia's financial sector and promote income diversification, boost savings, and offer various financing and investment opportunities. By creating a strong, dynamic, and stable sector, the Program is driving economic growth and diversification in the Kingdom.
Launched in 2018, the initiative aims to improve Saudi financial institutions’ capacity and efficiency, transforming the local capital market into a global hub. The programme covers multiple sectors such as banking, insurance, equity markets, and debt markets. It is implemented in partnership with the key financial sector regulators: the Saudi Central Bank, the Capital Market Authority, and the Insurance Authority.
As the Kingdom’s economy continues to thrive, the Program is strengthening financial sector institutions, advancing the financial market, encouraging savings, and fostering the growth of fintech startups in their pursuit of a world-leading financial sector.
