Saudi Arabia’s central bank (SAMA) has approved Indian fintech company TotalPay to operate as an e-commerce payment technical service provider, strengthening the Kingdom’s digital payments ecosystem and supporting its transition toward a cashless economy under Vision 2030.
The approval authorizes TotalPay to offer payment gateway and payment orchestration services to businesses operating in Saudi Arabia. The company said it is the first Indian fintech to receive authorization from the Saudi Central Bank in this category, marking a significant milestone in its Middle East expansion strategy.
The move reflects Saudi Arabia’s continued efforts to attract international fintech providers while expanding digital payment infrastructure for merchants and consumers.
Saudi Arabia Continues to Accelerate Cashless Payments
Saudi Arabia has made significant progress in digital payments as part of its Vision 2030 financial sector transformation.
According to official figures, cashless transactions accounted for 79% of all retail payments in 2024, exceeding the Kingdom’s 2025 target one year ahead of schedule.
The rapid adoption of digital payments has been driven by supportive regulation, expanding fintech activity, increasing smartphone usage and strong consumer adoption of digital banking and e-commerce.
The latest approval further strengthens the competitive landscape for digital payment providers operating in the Kingdom.
Payment Orchestration Supports Merchant Growth
TotalPay’s platform enables businesses to manage digital transactions across multiple payment providers through a unified payment orchestration layer.
These solutions help merchants optimize payment routing, improve transaction success rates, reduce operational complexity and enhance customer checkout experiences.
As online commerce continues to expand, payment orchestration platforms are becoming increasingly valuable for businesses managing multiple payment methods and banking relationships.
The technology also improves scalability for enterprises operating across multiple markets.
International FinTech Firms Expand into Saudi Arabia
Saudi Arabia continues attracting international fintech companies through progressive regulation and a rapidly growing digital economy.
The Kingdom’s regulatory framework, combined with strong demand for digital financial services, has positioned Saudi Arabia as one of the Middle East’s fastest-growing fintech markets.
Founded in 2022, TotalPay said it has served more than 1,500 businesses and processed over $1 billion in transaction value. The company plans to invest further in technology, strategic partnerships and payment infrastructure as it expands across Saudi Arabia and the wider Middle East and Africa.
FinTech Competition Strengthens Digital Economy
The entry of new payment providers increases competition, encourages innovation and gives merchants access to a wider range of payment technologies.
Expanding the ecosystem of licensed payment companies also supports financial inclusion, e-commerce growth and the continued modernization of Saudi Arabia’s digital economy.
As businesses increasingly adopt digital payment solutions, regulatory approvals such as this help diversify the market while reinforcing the Kingdom’s position as a regional fintech hub.
Why This Matters
Digital payment infrastructure is a critical component of modern digital economies. Bringing additional payment technology providers into the market increases merchant choice, encourages innovation and supports the continued growth of e-commerce and cashless transactions.
For TotalPay, SAMA’s approval marks its entry into one of the region’s fastest-growing fintech markets and represents the company’s first regulatory authorization of its kind in Saudi Arabia. For Saudi Arabia, the decision reinforces Vision 2030’s objective of creating a competitive, innovation-driven digital payments ecosystem that attracts international fintech investment and accelerates the country’s transition toward a cashless economy.
Editor’s Note
Saudi Arabia’s fintech ecosystem is entering a new phase of maturity, where growth is increasingly driven by specialized payment infrastructure rather than consumer payment apps alone. Technologies such as payment orchestration, merchant gateways and embedded financial services are becoming essential as e-commerce volumes expand and businesses seek more resilient, efficient payment operations. TotalPay’s approval reflects the Kingdom’s strategy of opening its market to global fintech innovators while maintaining a robust regulatory framework. As Saudi Arabia continues building one of the region’s most advanced digital payments ecosystems, infrastructure providers will play an increasingly important role in enabling scalable, secure and intelligent financial services.
