JEDDAH: Saudi Arabia’s central bank has approved Indian fintech firm TotalPay to operate as an e-commerce payment technical service provider, expanding the Kingdom’s fast-growing digital payments ecosystem.
The approval from the Saudi Central Bank, or SAMA, allows TotalPay to launch operations in the Kingdom, offering payment gateway and payment orchestration services to businesses across Saudi Arabia. The company said the approval makes it the first Indian firm to receive authorization as an e-commerce payment technical service provider in the Kingdom.
The move comes as Saudi Arabia accelerates its transition toward a cashless economy under Vision 2030. Cashless transactions accounted for 79 percent of all retail payments in 2024, surpassing the Kingdom’s 2025 target a year ahead of schedule.
Akif Mohsin, co-founder, TotalPay. Supplied
The company said its platform is designed to help merchants manage and optimize digital payments while working with banks and technology partners to support the Kingdom’s growing digital economy.
