Saudi Arabia is entering a sophisticated digital era with the launch of Google Pay on the horizon of 2025, thanks to the collaboration between the Saudi Central Bank (SAMA) and Google. As part of its range of initiatives supporting the Vision 2030, SAMA is undertaking to reshape the payment landscape, guided by the ambition to reduce dependence on cash. In parallel to this launch, the new electronic services portal eSAMA is starting its experimental phase, promoting simplified access to various services for individuals, businesses, and government entities. A promising advancement that catapults the Kingdom towards a seamless and secure integration of fintech innovations.
the digital revolution in Saudi Arabia
Saudi Arabia is taking a bold new step towards the future with the launch of Google Pay, the result of a dynamic collaboration between the Saudi Central Bank (SAMA) and technology giant Google. Scheduled for 2025, this ambitious project is part of the broad objectives of the Vision 2030, aimed at transforming the economic and social landscape of the Kingdom. This initiative promises to redefine the use of digital payments by providing a secure and robust method for making purchases in-store, on apps, and online. The integration of Google Wallet simplifies the management and addition of cards for users, thereby meeting the needs of a society increasingly leaning towards digital.
esama: a new portal for revolutionary services
In order to continue its rise towards digitization, SAMA has unveiled the trial phase of its new electronic services portal, known as eSAMA. This innovative portal currently offers 23 digital services, paving the way for simplified electronic access for individuals, businesses, and government entities. This strategic move reflects Saudi Arabia’s commitment to refining its digital payment infrastructure to diversify its economy and attract foreign direct investments.
the impact of Saudi Vision 2030 on fintech
With the recent release of its open banking framework in November 2022, Saudi Arabia is bolstering its position as a pioneer in the digital era. This framework, inspired by successful implementations elsewhere, lays the groundwork for greater financial inclusion and deep modernization of the banking system. The initiatives of SAMA aim not only to transform Saudi society but also to position the Kingdom as a global leader in the fintech scene. By making financial services more accessible and promoting a dynamic business ecosystem, the Kingdom offers fertile ground for innovation and competitiveness.
