Bank Muscat upgrades its apps with new payments system
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