Muscat: Commemorating the 49th Glorious National Day, the Central Bank of Oman (CBO) has announced the launch of its upgraded Mobile Payments Clearing and Settlement System (MPCSS). In line with CBO’s vision to promote e-payments in the country, the MPCSS platform has been upgraded to enable additional functionality in the mobile payments space.The MPCSS platform enables seamless interoperability between various mobile banking/wallet systems operated by banks and payment service providers (PSPs) in the country, thereby facilitating a simple, efficient and secure payment mechanism driven through the medium of smartphones.
With objective to ensure smooth processing of mobile payments between the banks and PSPs in the Sultanate, the CBO has published unified specifications for MPCSS platform and National QR Code standards for mobile payments that are being made mandatory to be used for all banks and PSP. By launching this system, banks and PSPs will enable merchant payments (Government and Private Sector) using mobile banking/wallet apps, which will be affordable, easy and will encourage small/micro businesses, corner shops to adopt e-payments. Going forward, the CBO also envisages this platform to grow and evolve as an alternative payment option for conducting e-commerce transactions.
Tahir bin Salim al Amri, Executive President of CBO, said, “The upgraded MPCSS enables easy, safe and cost effective payments mechanism in the country, and we believe it will significantly help in transforming Oman into a less cash-based society”. — ONA
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