Oman has a new ePay­ments sys­tem

Banking Frontiers - - Regulator -

The Cen­tral Bank of Oman has in­tro­duced a new sys­tem for clear­ing ePay­ment via smart­phones. The ser­vice, ex­perts said is part of an ef­fort to re­form the fi­nan­cial sys­tem and strengthen its role in the econ­omy. The cen­tral bank said the ad­vanced e-pay­ment sys­tem is in line with the gov­ern­ment’s vi­sion to boost ePay­ments in the coun­try by up­grad­ing and mod­ern­iz­ing it with ad­di­tional pay­ment ser­vices and ben­e­fits. The bank’s CEO Tahir bin Salem al-Amri said the up­dated mo­bile pay­ment clear­ing plat­form pro­vides an easy, se­cure and cost-ef­fec­tive pay­ment mech­a­nism in the coun­try. The sys­tem al­lows for smooth in­ter­op­er­abil­ity be­tween var­i­ous bank­ing sys­tems and ap­pli­ca­tions and smart­phone eWal­lets of­fered by banks and pay­ment ser­vice providers in Oman. To achieve sim­ple pro­cess­ing of pay­ments, the Cen­tral Bank has used stan­dard­ized sys­tem spec­i­fi­ca­tions and QR code stan­dards for mo­bile pay­ment.

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