Sunday 06 / October / 2024
Muscat: The economic transformations brought about first by the technological revolution, societal evolution and recently by the pandemic have compelled all individuals and businesses to go online. With the greater intermingling of finance and technology, online payment solutions are truly flourishing in today’s world. A vista of opportunities has opened up for customers as they now seek to choose simplified, safe and quick payment options.
Online/ cashless/ contactless transactions have become the new normal with the emergence of innovative technologies; the necessity of social distancing in day-to-day life is reinforced by the Covid 19 pandemic along with the rise of aware consumerism and FinTech companies catering to the ever-evolving consumers’ needs.
This has been the trend at the global level and Oman has been at the forefront of rapid digital transformations. In Oman Vision 2040, the goal to create a digital economy has been reinforced.
FinTech companies have changed the entire narrative in the financial landscape. They have digitally altered all banking transactions to a level where bank customers no longer need to stand in long queues and do all paperwork just to get access to financial services. Through mobile apps, professionals, homemakers, students, SMEs and other businesses can transact seamlessly and enjoy a plethora of services for varied financial needs.
Abdulaziz Nasser Al-Rawahi, CEO of Global Financial Technology who owns OM Pay, Lamma - Oman’s first super app, a unified communication platform with payment integration - said, “With the ever-evolving needs of the customers and the unprecedented challenges posed by the pandemic, FinTech solutions have proven to be a boon. Diversification in the financial ecosystem is most welcome. It has not only given greater decision-making power to the customers over their finances, but it has also brought about productive changes in the economy and effectively stimulated economic growth as well. It has also proven a blessing for the unbanked segments of society.”
The OM Pay Lamma app is using emerging technologies like Artificial Intelligence and Analytics to provide ease in payment solutions. It provides multiple payment options such as wallet, NFC, and QR codes for seamless and meaningful experiences for the users. Those who have multiple bank accounts can transact from one app with money in any of their bank accounts. Those who are not banked can leverage OM Pay’s network to come into a digital world. Merchants and business owners can use the OM Pay application for digital transactions, thus reducing dependency on cash and increasing their customer base.
Speaking on the sustainability of the online payment solutions business, Abdulaziz said, “This new system of online transactions is here to stay and it will only develop further. The core of our business will always be to provide our customers with an experience that is at par or even greater than the trust they have placed in us. We want to deliver them an effective and evolving online payment infrastructure that makes them feel safe and secure at all times.”
