TotalPay Becomes First Indian-Owned Fintech Approved by Saudi Central Bank (SAMA)

Saudi Arabia’s central bank, SAMA (Saudi Central Bank), has approved Indian fintech firm TotalPay to operate in the Kingdom as an e-commerce Payment Technical Service Provider (PTSP). TotalPay says this makes it the first Indian-owned fintech to receive such authorization from SAMA — a notable milestone for Indian entrepreneurship in the Gulf’s fastest-growing payments market.

This article is based on reporting from Arab News (8 July 2026), Madhyamam (7 July 2026), and EnterpriseAM (10 July 2026), cross-checked against SAMA’s own rulebook. Links to every source are at the end.

What exactly did SAMA approve?

TotalPay received approval to operate as an e-commerce Payment Technical Service Provider (PTSP). In plain terms, that means it can offer payment gateway and payment orchestration services to businesses in Saudi Arabia — helping merchants accept and route digital payments through a single platform, working alongside banks and technology partners.

It is not a consumer banking license and not a remittance/money-transfer license. PTSP is the technical plumbing behind online checkout, not a service that sends your salary home. (See SAMA’s own rulebook on e-commerce payment service and support providers: SAMA Rulebook – PTSP rules.)

Accuracy note: SAMA’s rulebook states that pure “linking and technical support” PTSP services “does not require a license from SAMA at this time.” TotalPay’s approval is therefore an authorization/registration granted by SAMA (the company and Arab News describe it as SAMA approval). We report it as SAMA approval/authorization, exactly as the primary sources state it.

The proof (what the sources say)

Arab News (8 July 2026): “The Saudi Central Bank, or SAMA, has approved Indian fintech firm TotalPay to operate as an e-commerce payment technical service provider… 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.” — Read
Madhyamam (7 July 2026): Confirms the same approval and adds that co-founders Akif Mohsin (Bangalore) and Rahim Pattarkadavan (Kerala) are both Indian. — Read
EnterpriseAM (10 July 2026): Cites the Arab News report and notes TotalPay’s orchestration tech lets high-volume businesses route transactions across multiple processing banks to cut downtime and fees. — Read
TotalPay’s own announcement (company Facebook page): “TotalPay has secured approval from the Saudi Central Bank (SAMA) as an Ecommerce Payment Technical Service Provider (PTSP).” — See

About TotalPay

Founded: 2022.
Track record: Served 1,500+ businesses and processed over $1 billion in transactions since launch.
What it does: Payment gateway + payment orchestration (routing transactions across multiple banks to reduce failures and per-transaction cost).
Leadership: Co-founded by Akif Mohsin and Rahim Pattarkadavan, both Indian nationals.
Regional plan: Invest in technology, partnerships, and payment infrastructure across Saudi Arabia and the wider Middle East and Africa.

Why it matters (and why it’s in the news now)

Saudi Arabia is racing toward a cashless economy under Vision 2030. According to Arab News, cashless transactions accounted for 79% of all retail payments in 2024 — hitting the Kingdom’s 2025 target a year early. That surge is pulling in payment-infrastructure providers, and TotalPay’s entry is part of that wave.

For the India–Saudi corridor specifically, an Indian-owned payments company gaining a foothold in the Kingdom is symbolic: it signals that Saudi regulators are open to Indian fintech talent, and it adds another Indian name to the list of firms building the Gulf’s digital economy.

What this does — and doesn’t — mean for Indian expats

Be clear about the limits:

✅ Indirect benefit: If you run or work at an Indian-owned business, shop, or restaurant in Saudi Arabia, you may eventually see TotalPay’s gateway as a checkout option — potentially smoother, India-aware payment stacks.
✅ Milestone: More Indian-owned financial infrastructure in the Kingdom is good for the community’s economic footprint.
❌ Not a remittance channel: This approval does not let TotalPay (or you) send money to India. For sending earnings home, you still use licensed exchange houses, banks, and remittance apps.
❌ Not a bank account: It is not a current/savings account product for individuals.

If you are new to the Kingdom and need a local bank account while you settle in, see our upcoming guide on how to open a bank account in Saudi Arabia — and for a modern digital-banking app, SNB Neo (by Saudi National Bank) is a popular choice for expats: Open SNB Neo.

References

Arab News — Indian fintech TotalPay secures SAMA approval to expand into Saudi Arabia (8 Jul 2026): https://www.arabnews.com/node/2650136/business-economy
Madhyamam — ‘TotalPay’ strengthens GCC presence with SAMA approval to Operate in Saudi Arabia (7 Jul 2026): https://madhyamamonline.com/middle-east/saudi-arabia/totalpay-strengthens-gcc-presence-with-sama-approval-to-operate-in-saudi-arabia-1535162
EnterpriseAM — Saudi’s cashless drive boosts the fintech firm’s ME expansion plan (10 Jul 2026): https://enterpriseam.com/mena-india/2026/07/10/saudis-cashless-drive-boosts-the-fintech-firms-me-expansion-plan/
TotalPay official announcement (Facebook): https://www.facebook.com/totalpay.global/
SAMA — Licensed Payment Service Providers (official registry): https://www.sama.gov.sa/en-US/payment/pages/licensed_payment_service_providers_companies.aspx
SAMA Rulebook — Rules for Dealing with E-Commerce Payment Service and Support Providers: https://rulebook.sama.gov.sa/en/rules-dealing-e-commerce-payment-service-and-support-providers-0
SAMA Rulebook — Guidelines to Apply for Payment Services Providers License: https://rulebook.sama.gov.sa/en/guidelines-apply-payment-services-providers-license

Disclaimer: This article is informational, not financial advice. License/approval details can change — always verify with SAMA’s official registry (reference 5) before relying on any provider.