New mobile payment platform launched
With the launch of this system, Oman is the first country within the GCC region to implement such a system under the leadership of the central bank.
MUSCAT: A unique system for mobile payment clearing and switching (MpClear) was launched on Sunday in a move to strengthen payment infrastructure in the country to a more safe and secure environment, said the Central Bank of Oman (CBO) in a statement.
With the launch of this system, Oman is the first country within the GCC (Gulf Cooperation Council) region to implement such a system under the leadership of CBO.
It will also help attain one more milestone in providing a safe and secure fund transfer mechanism through the medium of mobile by just using a mobile number to complete the payment transfer instantly.
This is expected to provide ease of use, convenience and further promote electronic payments in the Sultanate.
The MpClear system promises interoperability and a unified switching and clearing services between various mobile banking systems operated by banks, thereby promoting enhanced efficiency and security of payments effected through the medium of mobile. Given the ubiquity of the mobile, such mobile based payments aim to address financial inclusion in the Sultanate and support the National E-government Strategy, thus progressing to a cashless economy at the national level.
Apart from its role as a switching and clearing platform, MpClear will facilitate providing a collection of reporting and monitoring services at the fingertips of central bank, which will aid in informed decision making.
The uniqueness of MpClear lies in its functionality to conduct a fund transfer with the use of just a mobile number and accommodation of the unbanked sector, thereby giving an impetus to financial inclusion in the Sultanate. With MpClear, users can conduct a wide range of payments, such as, Person-to-Person (P2P), Person to Business (P2B), Person to Government (P2G), Person to Merchant (P2M), Business to Person (B2P), Government to Person (G2P) and Business-to-Business (B2B).
Hamood bin Sangour Al Zadjali, executive president of CBO, hailed the banking community in the country and the implementing company ProgressSoft, for the unstinted support extended and enormous efforts made by them for fulfilling the national objective of CBO in providing a safe, sound and secure payment infrastructure in the country.