The Saudi Central Bank (SAMA) has integrated Google Pay into the Kingdom’s national payment network, Mada.
This move is part of SAMA’s continuous efforts to enhance and reinforce its digital payments ecosystem in line with the Financial Sector Development Program. The bank remains dedicated to developing a robust digital payment infrastructure that supports the transition towards a cashless society by providing cutting-edge payment solutions that meet international standards.
Saudi Arabia’s Growth Strategies
The new functionality will enable users to conveniently add and manage Mada cards and digital credit cards through the Google Wallet app. This initiative is integral to SAMA’s broader strategy of expanding fintech solutions on multiple devices, thereby enhancing access, promoting financial inclusion, and boosting the financial sector with more digital payment options.
SAMA highlighted that the introduction of Google Pay aligns with a wider set of objectives aimed at improving the Kingdom’s infrastructure, addressing the needs and demands of the Saudi market, and simplifying digital payment experiences.
This initiative supports the Financial Sector Development Program, which is intended to shape the future of Saudi Arabia’s financial sector, promote income diversification, encourage savings, and provide a range of financing and investment opportunities. By building a resilient, dynamic, and stable sector, the program drives economic growth and diversification in the Kingdom.
The program was launched in 2018 with the goal of improving the capacity and efficiency of Saudi financial institutions and transforming the local capital market into a global hub. It encompasses various sectors including banking, insurance, equity markets, and debt markets. The initiative is carried out in collaboration with key financial sector regulators: the Saudi Central Bank, the Capital Market Authority, and the Insurance Authority.
As the Kingdom’s economy continues to grow, this program is reinforcing financial sector institutions, advancing the financial market, encouraging savings, and nurturing fintech start-ups as they strive for a world-leading financial sector.
