SAMA has been undertaking initiatives to improve the digital payments industry in Saudi Arabia, supporting the Financial Sector Development Program. As part of the program, they aim to integrate financial inclusion, and this deal with Google Pay will help achieve that goal.
Saudi Arabia is making a lot of development and infrastructure changes to achieve its Vision 2030 goals. One of their goals is to build a world-class digital economy and promote cashless payments, as this is the future of commerce. As part of that plan, they will introduce Google Pay in Saudi Arabia.
The central bank announced this at the Money20/20 Middle East event. Central banks aim to empower consumers by shifting to cashless payments, thereby enhancing Saudi Arabia’s position as a global fintech leader. SAMA, the central bank, also inked an agreement with Ant International to allow consumers to make payments through Alipay+ by 2026.
According to a statement, both companies will make use of the Kingdom’s National Payment System to make payments.
These advancements will help Saudi Arabia to race towards its Vision 2030 as it builds a digital economy, broadens financial inclusion, and raises the percentage of cashless transactions to 70% by 2025.
SAMA has been undertaking initiatives to improve the digital payments industry in Saudi Arabia, supporting the Financial Sector Development Program. As part of the program, they aim to integrate financial inclusion, and this deal with Google Pay will help achieve that goal.
Google Pay is a very secure and convenient option, as it removes friction from checkout, allowing for quick payments with just a tap or a few clicks, both online and in-store. They have a sophisticated platform that allows users to easily integrate their bank or credit card details with the Google Wallet application, as stated in the report.
Introducing Google Pay as part of the payment process will enhance the market infrastructure to meet Saudi Arabia’s needs and simplify the digital payment process. This way, the Kingdom aims to become the leader in fintech solutions worldwide, the statement added.
Since Saudi Arabia is attracting tourists from all over the world, travelers visiting the Kingdom can usually integrate their international digital wallets, such as those linked to Alipay+. So now they can make seamless and secure transactions at retail venues that support the service.
During a keynote address at the conference in Riyadh, SAMA Governor Ayman Al-Sayari discussed how much the Saudi fintech sector has expanded. It has grown from 82 companies at the close of 2022 to 281 firms by the end of August.
This exceptional growth in the sector aligns with national goals and the commitment to achieve global excellence.
He also remarked that this growth has drawn significant investments valued at around SR9 billion ($2.39 billion), affirming its appeal to investors.
The governor highlighted that Saudi Arabia’s payments ecosystem now ranks among the most digitally proficient in the world.
For example, in 2024, 79% of all retail payments were made through electronic payments. Online transactions have increased to 12.6 billion this year, up from 10.8 billion in 2023, according to Al-Sayari.
He pointed out that this growth shows not only the sector’s ambition but also the Kingdom’s ability to come up with creative solutions for the challenges facing the industry. The governor also stressed that these accomplishments in Saudi Arabia’s financial sector are built on the Kingdom’s unique strengths and advantages.
Finance Minister Mohammed Al-Jadaan, speaking at the event, pointed out that Saudi Arabia’s financial market is now one of the fastest growing in the world, with its value surpassing SR2.4 trillion.
He added that Saudi Arabia is now especially focused on bringing artificial intelligence into its financial market, aiming to stay ahead in innovation.
Saudi Arabia is focusing all its efforts on becoming a fintech leader. By making everyday payments easier, safer, and more accessible for everyone, the Kingdom is opening new doors for companies, families, and tourists alike. As the world moves towards digital payments, Google Pay and Alipay+ will help Saudi Arabia reach its goals more quickly.