Friday 19 / April / 2024
Muscat: In an official announcement, the Board of Governors of the Central Bank of Oman (CBO) approved the licencing application of OM Pay to provide electronic payment services in the country.
After the successful completion of CBO Sandbox testing recently, OM Pay is all set to be launched with a new design and an upgraded state-of-art digital wallet and many other payment services.
Global Financial Technology, one of the leading FinTech companies in the country and a subsidiary of Omantel, is the main shareholder of the OM Pay application.
Its CEO, Abdulaziz Al-Rawahi, said, “We are grateful to CBO for approving our application and supporting us in our innovation. OM Pay is our dream come true and is aligned with the company’s efforts to support Oman’s digitalisation plans. OM Pay application will provide a digital wallet as well as a payment gateway for the benefit of individuals and businesses alike. The encouragement that we have got from the CBO for OM Pay has been overwhelming and we are truly thankful to them.”
OM Pay will offer mobile payment services to consumers and enable merchants to receive payments through its NFC, QR code, point of sale, bank transfer and online payment gateway offerings.
Some of its other key services will be:
a) Fund Transfer: You can transfer or request funds through OM Pay through the wallet or phone number. You can even save your bank account with OM Pay and make online payments and fund transfers through your saved accounts. It will be transferred directly into the recipient’s bank account.
b) Mobile Recharge and Bill Payments: Through the OM Pay app, customers will be able to avail mobile recharge facility and pay different types of bills such as electricity bills, etc.
c) Merchant Payment: Users of the application can purchase items from any shop and pay the bill digitally through OM Pay. Without using cash, buyers can pay through different ways such as OM Pay wallet, a bank account linked with OM Pay using QR Code or NFC. There will be a separate application for the merchants specific to their B2B transactions.
d) Kids Wallet: Kids will also have a separate application with a wallet facility with a nominal amount. This will make the younger tech-savvy generation financially wiser as well as help them to develop and explore their choices in financial matters.
e) Payment Gateway – OM Pay will facilitate a one-stop payment service for online-based businesses in different ways such as a payment link embedded into their website or a payment link shared via SMS or chat to finalise the payment in a few seconds.
Going forward, international remittances will be another important service that OM Pay will provide. The app is easy and quick to register, just by scanning the national id and filling in other details. It is PCI DSS Compliant and available on Android and Apple Store. The OM Pay app is using emerging technologies like Artificial Intelligence and Analytics to provide ease in payment solutions.
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 finance world.
Merchants and business owners can use the OM Pay application for digital transactions, thus reducing dependency on cash and increasing their customer base with critical features for their businesses such as debit and credit card acceptance on their POS machines. Individuals including professionals, homemakers, workers, and students can avail of its smart payment options and be free from the hassle of carrying cash and cards.
