Thawani to initiate first mobile app-based payment
Product to be rolled out across Oman in coming weeks, says company official; All local and international cards can be used in the system
The way we pay for goods and services in Oman will see a major shift with the launch of a new mobile e-payments application in the coming weeks, according to a top official of the company involved with the project.
Speaking to the Observer about the e-payments platform, Majid al Amri, founder and managing director of Thawani, (pictured) said in the first phase the users can download a mobile app and fill their banking card details to link the service. An SMS will be sent to the mobile number registered with the bank for activation of the service.
“You can start transacting by using the merchants’ Thawani ID by scanning the QR code,” he said.
According to Al Amri, there is no need to hand the card or type the PIN on a retailer’s device. “Transactions will be done through mobile devices and e-payments can be made to any Thawani-registered merchant. The pillars of this concept are ‘smart, secure and simple’. This system will be as easy as using WhatsApp.”
He said Thawani is an Omani technology company officially established in March 2016. The company has been working on this e-payment platform model for the last four years.
“We were working to get the right partners, approvals, acceptance and understanding the market requirements. What we have on offer is a product tailor-made for this market.”
Al Amri said the company has been working on the project long before it got to know about Apple Pay, Android Pay or Samsung Pay. “We took a lot of time studying the market and working on a strategy.”
He said Thawani is a “complementary payment model” which is not in direct competition with the existing payment methods such as credit and debit cards. “We cannot be independent of each other. Our focus is on smart payments. The e-wallet will be launched in the next phase.”
For payments and handling of transactions, Thawani has partnered with a local bank.
Recently, the company presented the project for merchants and will have an awareness session for clients to know its benefits. “Once we have a good number of merchants onboard, we will start the service.”
The app will be available for users who should provide their mobile number or a valid e-mail address for registration.
All local and international cards can be used in the system. To begin with, it will be only the cards from Visa and MasterCard. “The product is for everyone, be it small fish and vegetable vendors or big retailers. Merchants will receive payment notifications through the app. If they do not use a smartphone, they will be notified via SMS. Large companies can avail of the service through their system,” he said.
Al Amri said, “Merchants’ cooperation and participation is key to the project’s success. We are offering them quite a few incentives with regards to technology. Cash management is a big issue for them, tracking of sales and reconciliation of sales are also a problem. They want a solution that is convenient and smart.”
Thawani will offer a cost-effective solution. “Merchants registering with us will go through the KYC process. We will give them access to our portal, from where they can track the sales per branch and per cashier.”
The company said the second phase will have a loyalty system based on suggestions from merchants.
Al Amri said the revenue model is about sharing with banking partners. There will be no annual maintenance fees, no monthly fees and no subscription or integration fees. Only some transaction fees to be shared with the partners, which will be competitive compared with what retailers pay now for the use of cards.
The company has its sales and operations teams in place. Its total strength will be 15 in the next three months. acceptable,