MUSCAT, 3 March 2020
The upgraded BM Wallet and mBanking apps launched by Bank Muscat has evoked a strong response from customers. The flagship financial services provider in the Sultanate, in step with its vision ‘To serve you better, everyday’ and commitment to excellence in customer services had added the Central Bank of Oman’s Mobile Payments System to both its BM Wallet and the mBanking app in 2019.
Amjad Al Lawati, AGM - Cards and eBanking, said: “Bank Muscat is very happy with the excellent response from our customers. They are making full use of the new features which are in line with the government’s ambitious digitalisation plans. The new mobile wallet and mBanking apps provide excellent security and convenience for mobile phone transactions and reflects the bank's commitment to implement cutting-edge financial infrastructure that will enhance financial inclusion.”
BM Wallet and the mBanking app, through the 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 non-Bank Muscat customers’ bank accounts or wallets by using their Mobile Payments System registered mobile number/alias/QR code. The real time services are executed instantly and are available 24/7.
The BM Wallet app is highly secure and does not store any sensitive information or transaction logs on the phone, which makes it totally secure. Bank Muscat has also built in other robust security features into the app. The BM Wallet app can be accessed on iOS and Android devices and is available at the App Store and Google Play in both Arabic and English versions.
Funds can be loaded onto the BM Wallet through debit card, mobile banking, Internet banking, ATMs or CDMs. An added advantage is that frequently carried out transactions can be highlighted for convenience and transaction history for the past 90 days is available within the app.
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.
More information about BM Wallet is available at https://www.bankmuscat.com/en/about/Documents/bmforms/BMwallet-FAQs-English.pdf