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Bank Muscat launches payments via QR code

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Bank Muscat, the leading financial services provider in Oman, has affirmed its readiness and alignment to promoting financial inclusion and digital payments across the Sultanate by providing various e-payment options to the general public at merchant partners across the Sultanate. The bank continues to expand e-payment options available including Debit, Prepaid and Credit Cards, wearables, Mobile wallets and the Mobile Banking app as well as the latest QR-code-based payments that help retail outlets easily accept digital payments from the Mobile Banking app or Wallet of any bank in Oman. Bank Muscat pointed out that businesses across the country including micro and small enterprises can easily implement QR-code-based payments in order to meet the latest regulations on the need for businesses to provide e-payment options to their customers.

Abdullah Hamood Al Jufaili, Assistant General Manager, Digital Banking, Bank Muscat, said: “Bank Muscat is encouraged by the rapid shift to digital payments and invites today's tech-savvy customers to use different e-payments options according to their convenience. E-payments benefit our merchant partners, customers, and the general public by improving financial inclusion and offering convenient and highly secure payment options hence, it is important that businesses offer various e-payment options that will boost economic growth and development. QR-code-based payments are particularly helpful to small businesses in this regard. We are confident that the ongoing digital transformation will help our nation and its people achieve the ambitious goals of Oman Vision 2040.”

The QR code scanning option allows merchant partners to accept e-payments from customers quickly and securely, irrespective of their bank or wallet. It has been seeing exponential growth since its recent launch with over 440 merchants already implementing the e-payment facility. The security of transactions is enhanced by ensuring that payments are credited into the business’ account, without the need to handle physical cash and the inconvenience of maintaining small changes for customers. Payments can be easily initiated from a customer’s Mobile Banking application or Wallet application to the merchant’s account by scanning a QR code. A merchant can also request money from a customer using the Mobile Payments System registered mobile number / Alias / QR code.

It must be noted that customers of local banks can easily make payments, transfer money or request funds from others using the Central Bank of Oman’s Mobile Payment Clearing and Switching System (MPCSS). Funds can be transferred instantaneously using one of the following modes. For person-to-person transfers, money can be sent or collected from the recipient’s default account or wallet. ‘Send money’ can be initiated by using a mobile number, Alias, or by QR code scanning, and ‘collect money’ can be initiated using recipient Alias/Mobile Number if both the sender and recipient are registered on MPCSS.

Bank Muscat customers have the facility to register on the MPCSS via both its BM Wallet and the mBanking app. Funds can be transferred instantly and at zero cost to both Bank Muscat and non-Bank Muscat accounts or wallets by using their MPCSS -registered mobile number/alias/QR code. There is no need to enter an account number. Beneficiaries can be instead selected from one’s phone contact list to initiate a payment.

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