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Central Bank of Oman approves licensing application of OM Pay

By Leandra Monteiro

September 20, 2022

  • CBO
  • Central Bank of Oman
  • Digital Transactions

OM Pay, Central bank of Oman, CBOIn an official announcement, the Board of Governors of the Central Bank of Oman (CBO) approved the licensing application of OM Pay to provide electronic payment services in Oman. After the successful completion of CBO Sandbox testing recently, OM Pay is all set to be launched with a new design and an upgraded digital wallet and many other payment services.

Global Financial Technology LLC, one of the leading FinTech companies in Oman and a subsidiary of Omantel, is the main shareholder of OM Pay application.

CEO, Abdulaziz Al-Rawahi, said, “We are grateful to Central Bank of Oman for approving our application and supporting us in our innovation. OM Pay is our dream come true and is aligned with the company’s efforts to support Oman’s digitalization plans. OM Pay application will provide a digital wallet as well as a payment gateway for the benefit of individuals and businesses alike. The encouragement that we have got from the CBO for OM Pay has been overwhelming and we are truly thankful to them”.

OM Pay will offer mobile payment services to consumers and enable merchants to receive payments through its NFC, QR code, point of sale, bank transfer and online payment gateway offerings.

Going forward, international remittances will be another important service that OM Pay will provide. The app is easy and quick to register, just by scanning the national id and filling in other details. It is PCI DSS Compliant and available on Android and Apple Store.

The OM Pay app is using emerging technologies like Artificial Intelligence and Analytics to provide ease in payment solutions. Those who have multiple bank accounts can transact from one app with money in any of their bank accounts. Those who are not banked can leverage OM Pay’s network to come into a digital finance world.

Merchants and business owners can use OM Pay application for digital transactions, thus reducing dependency on cash and increasing their customer base with critical features for their businesses such as debit and credit card acceptance on their POS machines.

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