Tech giant Google has now rolled out Google Pay as a payment option to Saudi Arabia, as per a product update on the company’s official website. The service was made possible by the country’s national payment technology, Mada in Saudi Arabia.
Currently, Google Pay is available to customers of Al Rajhi Bank and Riyadh Bank, with more banks to be added as the rollout progresses. Along with the payment application, Google Wallet is available as well.
Saudi Arabia has been pegged as a fast-growing region in terms of e-payment adoption.
Google Pay to enter a market filled with established payment services competitors
Google Pay will not only have to compete with Apple Pay, which already is functional in the Middle Eastern country, but companies, fintech platforms, and banks offering their own suite of e-payment services, such as the Sadad payment app, STC Pay, Loop Wallet, and the Saudi central-linked Mada Pay.
The update comes as Google crossed $3 trillion in market capitalization, due to big gains owing to a favourable antitrust ruling.
Alphabet shares closed on Monday at $251.76, and U.S. markets are yet to open.
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