Visa confers Achievement Award on Bankdhofar for using SOFTPOS
Bankdhofar has been honoured by Visa with an award for its outstanding achievement in enabling Visa’s Tap-to-phone technology - known as SOFTPOS.
Bankdhofar's dedication to implementing and promoting this innovative solution has not only enhanced the digital payment landscape in Oman but has also empowered local businesses to thrive in an increasingly digital economy, a press release said.
Soft POS, or Software Point of Sale, is a paradigm shift in the way merchants handle transactions. Unlike traditional POS systems that rely on dedicated hardware, Soft POS leverages software applications running on android smartphones there by eliminating operational costs to the merchants. Any android smartphone can be used as a payment terminal and customers can get their receipts via an SMS, thereby reducing the carbon footprint.
The solution gives businesses access to a host of added benefits that include contactless cards, 24x7 access to history, statements and reconciliations, direct push notifications for alerts, web links and in-history adverts, integration with loyalty by facilitating coupons and point redemption, pre-transaction controls on the amount, frequency, and time restrictions, chargeback resolutions by flagging transactions, and assistance with calculating and recording taxes as well as tip amounts with transactions.
Bilal Faiz Muhammad al Raiisi, AGM - Cards and Bancassurance at Bankdhofar, expressed the institution's delight in being honoured with an award from Visa. This accolade recognises Bankdhofar's dedication to fostering digital adoption in harmony with Oman Vision 2040.
The bank's Soft POS solutions have seen widespread acceptance among a diverse range of merchants, including homebased businesses, delivery services, gas delivery agents and taxi drivers, and “This award underscores our ongoing commitment to deliver innovative, convenient, and secure payment options that address the changing needs of our clients and play a pivotal role in the economic development of Oman," he said.
Manish Gautam, Visa’s country manager for Oman, said, "According to Visa’s recent Value of Acceptance survey, 65% of small businesses in Oman have reported an increase in both revenue and customer traffic since they began accepting digital payments. This highlights the significant impact that acceptance solutions like Visa's Tap to Phone can have on business growth and competitiveness. We are therefore delighted to recognize Bankdhofar's efforts in bringing Tap to Phone to local businesses and driving the digital transformation of Oman’s retail sector."