The Saudi Central Bank has granted a license to Lite Advanced Financial Company to offer e-wallet services, bringing the total number of licensed payment service providers in Saudi Arabia to 32.

The move highlights SAMA’s ongoing efforts to strengthen the payments ecosystem, improve transaction efficiency, and expand access to innovative financial services in support of financial inclusion.

The central bank reiterated the importance of engaging only with authorized financial institutions and directed consumers to its official website for a list of licensed entities.

Electronic payments are playing an increasingly central role in the Kingdom’s financial infrastructure. In late 2025, SAMA signed an agreement with Google to introduce Google Pay in Saudi Arabia through the national payment network mada.

The addition of Google Pay expands an already competitive digital wallet market that includes Apple Pay, STC Pay, and Mada Pay. Users can link eligible bank cards to their digital wallets, enabling contactless payments in stores and secure online and in-app transactions.

Digital wallets are becoming a key pillar of Saudi Arabia’s transition toward a cashless economy. This shift is supported by a predominantly young, tech-savvy population, with more than 60% of citizens under 35, as well as high smartphone penetration.