Muscat: Oman’s apex bank – Central Bank of Oman - has launched a national debit card payment gateway infrastructure for e-commerce transactions, which ensures highest quality payments for e-commerce transaction in a cost-effective and highly secured manner that minimises the risk of loss from fraud.
The launching of the project titled OmanNet Debit Card E-Payment Gateway infrastructure, which provides safe and secure e-commerce transactions, coincided with the country’s National Day on November 18, according to Hamoud Sangour Al Zadjali, executive president of the Central Bank of Oman (CBO).
With the proliferation of debit cards and their usage for e-commerce transactions, it was imperative that CBO keeps pace with the payment behaviour. CBO has always ensured that the 4As- Acceptability, Affordability, Adaptability and Accessibility - are realised, which will ultimately be the drivers for a cashless economy.
OmanNet is a National Switch platform in the country that routes automated teller machine (ATM) and point of sale (POS) transactions within the country and GCCNET countries. With the go-live of this project, OmanNet will be processing the national debit card payment gateway E-commerce transactions.
OmanNet Payment Gateway, will process national debit card transactions, on a simple, but versatile platform that will facilitate merchants in the Sultanate to offer E-commerce services and also enhance acceptability by majority of payment cardholders in the country, considering the fact that approximately 90 per cent of the payment cards in the country are debit cards issued by local banks in Oman.
The Central Bank of Oman thanked the banking community in the country and the implementing companies - FSS Technology and UL - for the unstinted support extended and enormous efforts taken by them for fulfilling the national objective of CBO in providing a safe, sound and secure payment infrastructure in the country.
“Being ahead of the curve in payment systems has been the goal of CBO and this unique payment gateway project is an aim in that direction. The benefits of the same will be evidenced by the stakeholders soon,” said Bader Al Aghbari, manager – payments system department of the Central Bank of Oman.