Bank Mus­cat up­grades its apps with new pay­ments sys­tem

Muscat Daily - - BUSINESS -

Bank Mus­cat has an­nounced the ad­di­tion of the Cen­tral Bank of Oman’s (CBO) mo­bile pay­ments sys­tem to both its BM Wal­let and the mBank­ing apps.

The CBO last week an­nounced the launch of its up­graded Mo­bile Pay­ments Clear­ing & Set­tle­ment Sys­tem (MPCSS). The state-of-the-art mo­bile pay­ments sys­tem prom­ises in­ter­op­er­abil­ity and uni­fied switch­ing and clear­ing ser­vices be­tween var­i­ous mo­bile bank­ing sys­tems op­er­ated by dif­fer­ent banks in Oman thereby pro­mot­ing en­hanced ef­fi­ciency and se­cu­rity of mo­bile pay­ments.

In a press state­ment, Am­jad al Lawati, AGM – cards and e-bank­ing at Bank Mus­cat, said, “Bank Mus­cat is de­lighted to add more fea­tures to its in­no­va­tive and ad­vanced dig­i­tal pay­ment chan­nels. We thank the CBO for all the mea­sures that they have taken to align the bank­ing sec­tor in line with the gov­ern­ment’s am­bi­tious eGovern­ment project. In con­form­ity with in­ter­na­tional stan­dards, the mo­bile wal­let pro­vides se­cu­rity and con­ve­nience for mo­bile phone trans­ac­tions and re­flects the bank’s com­mit­ment to im­ple­ment cut­ting-edge fi­nan­cial in­fra­struc­ture in the coun­try that will ben­e­fit all.”

Bank Mus­cat’s BM Wal­let and the mBank­ing app, through the new mo­bile pay­ments sys­tem, will en­able cus­tomers to trans­fer or re­quest money to oth­ers us­ing the fol­low­ing modes. For per­son to per­son trans­fers, money can be sent or col­lected from the re­cip­i­ent’s de­fault ac­count or wal­let. ‘Send money’ can be ini­ti­ated by us­ing mo­bile num­ber, alias or by QR code scan­ning and ‘col­lect money’ can be ini­ti­ated us­ing re­cip­i­ent alias/mo­bile num­ber. Both the sender and re­cip­i­ent need to reg­is­ter on the mo­bile pay­ments sys­tem.

Bank Mus­cat cus­tomers have the fa­cil­ity to reg­is­ter on the mo­bile pay­ments sys­tem via both its BM Wal­let and the mBank­ing app. Funds can be trans­ferred to both Bank Mus­cat and nonBank Mus­cat cus­tomers’ bank ac­counts or wal­lets by us­ing their mo­bile pay­ments sys­tem reg­is­tered mo­bile num­ber/alias/QR code.

The mo­bile pay­ments sys­tem also fa­cil­i­tates the ini­ti­a­tion of mer­chant pay­ment re­quests through the ‘Scan & Pay’ op­tion. Mer­chant pay­ments can be ini­ti­ated from cus­tomers’ mBank­ing or wal­let to mer­chants by scan­ning a static or dy­namic QR code and the mer­chant can also re­quest money from a cus­tomer us­ing mo­bile pay­ments sys­tem reg­is­tered mo­bile num­ber/alias/QR code. This mode of op­er­a­tion is ex­pected to greatly ben­e­fit the re­tail sec­tor in the coun­try.

Bank Mus­cat has ini­tially tied up with a se­lect few mer­chants and will look to ex­pand this net­work in the fu­ture.

Am­jad al Lawati

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