Boost to digital payments as banks launch Samsung Wallet
In a boost to digital transformation, some banks in the Sultanate of Oman launched the Samsung Wallet service on Sunday, allowing customers to make digital payments using the Samsung Pay app. The banks are the National Bank of Oman (NBO), Sohar International, Bank Dhofar, and Ahli Bank.
In September last year, the Central Bank of Oman (CBO) issued guidelines and instructions for banks and payment service providers to provide the card Tokenization Service, which will replace the method of card-based payments.
The decision was to be enforced based on the readiness of banks and payment service providers. According to CBO, the latest decision will encourage innovation in electronic payments and be less cash-dependent.
It will ensure a new seamless payment experience, enhance security in card payment transactions, and support the national digital transformation program and e-commerce strategy.
“Samsung Wallet service will revolutionise electronic payments in Oman, marking a significant milestone towards a cashless economy. With CBO’S issuance of guidelines for Card Tokenization Service in September, customers have waited for this launch. Samsung Pay is a digital wallet where customers add their credit/ debit cards and secure it all using a PIN or personal biometric data, allowing the tap to pay with the device only through NFC payments, a common technology used by tap-to-pay terminals. Customers can use the services locally and internationally without issues. We anticipate that other global payment providers like Apple and Google will introduce their services in Oman in the upcoming months,” said Mohammed bin Saif al Manji, Techonefive, an initiative group founded by Omani youth to spread technological knowledge and build awareness of new technologies.
In a statement, the National Bank of Oman (NBO) said that Samsung Wallet enables customers to instantly add their debit, credit, and prepaid cards to the Samsung Wallet application by following a few simple steps.
Whether customers are making purchases locally or internationally, they can complete transactions securely with just one click, ensuring a hassle-free payment experience.
Customers can authenticate each transaction using facial or fingerprint recognition, a PIN code, or a One-time Password. Upon utilising this service, every user will receive a distinct PIN, encrypted and securely stored in a certified chip that is compliant with industry standards.
This approach ensures the safe storage of payment information on the device, offering users a dependable and secure method to store card numbers.
In the future, Samsung Wallet will be equipped with additional features such as storing sensitive documents such as IDS, electronic keys, and boarding passes — with just one swipe. Samsung Wallet is available only on devices running Android 9 or above.
Sohar International and Sohar Islamic said the Samsung Wallet will allow customers to perform secure and contactless payments using their Samsung phones or watches seamlessly via POS machines as well as use their Samsung Wallet account to conduct online payments.
Ahlibank in a statement said that Samsung Wallet works every where contactless payments are accepted.
Samsung Wallet service will revolutionise electronic payments in Oman, marking a significant milestone towards a cashless economy. With CBO’S issuance of guidelines for Card Tokenization Service in September, customers have waited for this launch
MOHAMMED AL MANJI Techonefive