Driving Digital Transformation in MENA: How DineroPay and Akurateco Power Mobile Payment Innovation in KSA

Today, the Middle East and North Africa (MENA) region is widely recognized as one of the fastest-developing payment markets globally.

This contributes to the adoption of Alternative Payment Methods (APMs) such as mobile wallets.

As the demand for mobile payments rises across MENA, businesses embrace them to meet customers’ increasing expectations for convenience and security. Payment service providers (PSPs) are at the forefront of this shift. Among them is DineroPay, a burgeoning PSP in the Kingdom of Saudi Arabia (KSA), partnering with Akurateco, a global payment software vendor with a solid footprint in MENA, to deliver cutting-edge mobile payment methods using an on-premises setup.

Meeting the growing demand for mobile payments

The demand for mobile payments in MENA has surged in recent years, reflecting broader global trends. According to IMARC Group, in Saudi Arabia alone, the mobile payments market size reached USD 24.7 billion in 2024. During 2025-2033, IMARC Group expects the market to exhibit a growth rate (CAGR) of 10.3%. 

This rapid growth is fueled by increasing smartphone penetration. McKinsey states that smartphone penetration is 80%-90% across leading markets in the Middle East. Internet accessibility and a shift toward cashless payments also contribute to this.

DineroPay’s mobile payment journey

To address the surging demand for mobile payments, DineroPay collaborated with Akurateco to develop a robust infrastructure supporting mobile wallets. Recognizing the specific needs of the Saudi Arabian market, DineroPay opted for an on-premises setup hosted on Oracle’s cloud infrastructure. Oracle’s cloud environment not only met Saudi Arabian Monetary Authority (SAMA) requirements for hosting payment infrastructure within the country but also offered a suite of Software-as-a-Service (SaaS) tools that streamlined system implementation and ensured scalability. Following the setup, Akurateco enabled DineroPay to integrate Apple Pay and Google Pay, using network tokenization technology for enhanced security and performance.

Introducing network tokenization

Network tokenization is a form of payment card tokenization offered by payment networks such as Visa, Mastercard, and others. It replaces primary account numbers (PANs) and other card details with a unique identifier, called a token, issued by the card brand. It provides enhanced security. Since the real card number is not shared, the token cannot be compromised and used for fraudulent activity.

Before payment can be completed, the network token must be decrypted. Apple Pay and Google Pay token decryption occurs within their systems. Then, card networks like Visa or MasterCard perform token validation, matching the payment data with the original card information. Overall, token decryption and validation heavily rely on specialized services and infrastructure, ensuring the security and accuracy of every transaction.

Implementing Apple Pay and Google Pay for DineroPay

As an integrated and approved payment gateway for Apple and Google Pay, Akurateco offered a comprehensive solution for DineroPay. It encompasses the entire process, from adhering to branding requirements set by Apple and Google to initiating payments from start to finish and generating tokens.

For a payment service provider, there are two ways to support mobile wallets: by decrypting the token at the payment system level or by sending it to a bank for decryption.

       1. Token decryption at the payment system level

This approach enables token decryption directly within the payment platform. In this case, Akurateco’s system handles token generation, decryption, and validation, providing a comprehensive solution for mobile wallet payments. It allows payment providers to process payments faster by routing transactions to the most optimal payment channel without relying on external systems. This approach also reduces dependency on banks’ processing capabilities, enhancing performance and uptime.

       2. Token decryption at the bank level

In this case, tokens are registered with the bank and sent to the bank for decryption, offering a more traditional yet secure workflow. This approach is often preferred by businesses that already have established relationships with banks and wish to keep token handling within their existing infrastructure. It provides additional layers of security by leveraging the bank’s authentication and validation processes while enabling direct processing through banking systems. However, it is limited in routing capabilities, which prevents payment service providers from optimizing approval rates.

With Akurateco’s white-label payment gateway, DineroPay can now seamlessly support both approaches, empowering businesses to select the model that best suits their operational needs.

Leading MENA’s fintech future with mobile payments

DineroPay’s successful implementation of mobile wallets highlights the transformative potential of mobile payment solutions in the region’s fintech landscape. With national initiatives like Saudi Vision 2030 driving rapid digital adoption, businesses that embrace mobile-first strategies will be best positioned to lead the market.

Through its partnership with Akurateco, DineroPay has demonstrated how leveraging modern technologies can deliver scalable, cost-efficient, and compliant solutions tailored to regional demands. As the MENA region continues its digital transformation journey, mobile payments will remain a cornerstone of growth and innovation.