admin 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.
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.
TotalPay described the approval as “a significant milestone in the company’s regional expansion” that reinforces its commitment to supporting Saudi Arabia’s rapidly evolving digital payments ecosystem.
Co-founders Akif Mohsin and Rahim Pattarkadavan said the approval marks the next phase of TotalPay’s regional expansion with the launch of operations in Saudi Arabia.
“We are incredibly proud of our team, whose dedication, commitment, and relentless efforts made this achievement possible. We would also like to express our appreciation to SAMA for its professionalism and guidance throughout the approval process,” they added.
Founded in 2022, TotalPay said it has served more than 1,500 businesses and processed over $1 billion in transactions. The company said it plans to invest in technology, strategic partnerships and scalable payment infrastructure as it expands across Saudi Arabia and the wider Middle East and Africa.
“Saudi Arabia continues to strengthen its position as one of the region’s fastest-growing fintech and digital payments markets, driven by innovation, progressive regulation, and the Kingdom’s broader digital transformation initiatives,” TotalPay said in a release.
