The Saudi Central Bank (SAMA) and Ant International have signed an agreement to let merchants in Saudi Arabia accept Alipay+ payments by 2026.

The deal was announced at the Money20/20 Middle East conference in Riyadh. It will connect Alipay+ to mada, the Kingdom’s national payment system.

The agreement supports the bank’s plan to build a stronger digital payment system in Saudi Arabia. The move ties into the Financial Sector Development Program, part of Saudi Vision 2030.

SAMA said it works with payment providers to help the country rely less on cash. It does this by approving digital payment solutions that meet international standards.

Once the service starts, visitors to Saudi Arabia will be able to pay with wallets linked to Alipay+. They will be able to use these wallets at stores that offer the service.

The regulator added that the deal is part of a wider plan to meet the needs of the Saudi market and strengthen the country’s role in fintech and digital payments.

Featured image: Edited by Fintech News UAE, based on image by Saudi Central Bank (SAMA) via its website.