Research Institution hails Sultanate’s advanced e-payment system

Dublin: A recent report released by Research and Market hailed the system of electronic payment in the Sultanate, describing Oman’s e-payment market as “dynamic and competitive”.

The report commended the Central Bank of Oman (CBO)’s introducing a (platform) system of clearing and settlement of payments via mobile phones. It reaffirmed that this platform allows for interoperability among financial services via the phone and mobile wallet services run by banks and e-payment providers. It enables users to transfer payments from one person to another and from one person to a government department through mobile phone numbers and quick response (QR) codes.

The report said that CBO published uniform specifications for the said platform, in addition to the criteria of a QR code to enable payments via mobile phones in a single facet across different financial services applications on mobile phones and wallet services.

With increased preference to electronic payments, banks publish e-payment business portals to improve the flow of online transactions aimed to curb internet fraud, said the report, adding that, in July 2020 Oman Air launched a business e-payment portal in cooperation with Bank Dhofar that allows for the payment of air tickets online in a secure and user-friendly manner.

The report pointed out that the bank established an agency specialized in the management of ‘national payment system’.

The report said that Coronavirus (Covid-19) pandemic enhanced the spread of non-touch (digital) payments in the Sultanate. It urged the CBO to endorse these methods as a substitute to cash payments. –ONA

 

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