Saudi Arabia has taken a major step in its digital transformation journey with the official launch of Google Pay and the signing of a strategic agreement to enable Alipay+ transactions in the Kingdom by 2026. Both announcements were made at the Money 20/20 Conference in Riyadh and are facilitated through a collaboration with the Saudi Central Bank’s (SAMA) domestic payment network, Mada.
Major Boost for Digital Payments
The rollout of Google Pay allows users in the Kingdom to add and manage their Mada debit cards and digital credit cards securely through the Google Wallet application, enabling seamless and secure contactless payments. The forthcoming integration of Alipay+ is primarily aimed at enhancing the payment experience for visitors and tourists. It will allow users of global digital wallets linked to the Alipay+ network to make advanced and secure payments at participating merchants across Saudi Arabia.
Driving the National Fintech Strategy
These initiatives are central to SAMA’s broader strategy to expand the adoption of fintech solutions, boost financial inclusion, and modernize the nation’s payment infrastructure. By integrating globally recognized digital wallets, the Kingdom is enhancing convenience for both residents and international visitors, further cementing its position as a leading hub for business and tourism.
A Leading Cashless Economy
The move reflects the dramatic shift in consumer behavior within Saudi Arabia. During the conference, Finance Minister Mohamed Al-Jadaan highlighted the Kingdom’s rapid progress, stating that the proportion of e-payments soared from just 18% in 2016 to 79% by the end of 2024. This rapid adoption rate positions Saudi Arabia as a global leader in the transition towards a cashless economy.
The Central Role of Mada Network
Underpinning these international partnerships is Saudi Arabia’s domestic payment network, Mada. The network serves as the core infrastructure that enables the integration of global payment solutions like Google Pay and Alipay+ into the local financial ecosystem, ensuring interoperability, security, and efficiency for all transactions within the Kingdom.
About The Saudi Central Bank (SAMA)
The Saudi Central Bank is the central monetary authority of the Kingdom of Saudi Arabia. Its mandates include issuing the national currency, supervising commercial banks, managing foreign exchange reserves, and promoting and regulating the nation’s payment systems. SAMA plays a pivotal role in maintaining monetary and financial stability and supporting the growth and development of the financial sector in line with Saudi Arabia’s Vision 2030.
Source: Argaam
