MUSCAT, 24 July 2017 – Bank Muscat, the flagship financial services provider in the Sultanate, has launched Oman's first mobile wallet. The innovative bm Wallet marks yet another secure and convenient payment channel, reiterating the bank's strong lead in rolling out electronic payment facility as part of the country's e-Government initiative.
bm Wallet is primarily a state-of-the-art 'cash on mobile' solution which can be used for cash transfers to other mobile wallet users based on mobile numbers and aliases.
The bm Wallet app can be accessed on all IOS and Android devices with good internet connectivity. The bm Wallet app is available free of cost in both English and Arabic in IOS and Android app stores.
Citizens and residents can avail the exclusive Bank Muscat mobile wallet app and load them with cash to a maximum limit of RO 300. The loading of mobile wallet can be done using Bank Muscat's largest network of electronic banking channels, including debit cards, ATMs, CDMs, mobile banking and internet banking.
To begin with, bm Wallet can be used to transfer funds to other bm Wallet users just by using their mobile numbers. Funds can also be transferred to non-Bank Muscat customer's wallets by using their mobile number / alias if they are registered with the Central Bank of Oman's MpClear (Mobile Payment and Clearing) system. The funds can also be transferred back from bm Wallet to the user's Bank Muscat account. 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.
Amjad Al Lawati, AGM – Cards & eBanking, said: “Bank Muscat is delighted to launch Oman's first electronic wallet, introducing yet another innovative and advanced digital payment channel. We thank the CBO for all measures to align the banking sector in line with the government's ambitious eGovernment project. In conformity with international standards, the electronic wallet provides security and convenience for transactions through mobile phones as Bank Muscat remains committed to promoting the new facility as a preferred mode of payment. The mobile wallet reflects the bank's commitment to improve the financial infrastructure in the country."
Over the years, Bank Muscat has leveraged digital technology to offer secure and convenient payment channels in Oman. The objective is to serve as a vital link to provide efficient electronic banking services.
The technology focus of Bank Muscat is reflected in the largest network of inter-connected branches, payment gateways, cards, merchant services, alternate channels of ATMs, CDMs, online and mobile banking as well as connectivity with utility service providers.
The electronic wallet is set to emerge as a convenient electronic payment tool for cash transactions in Oman as Bank Muscat remains focused on helping customers make a smooth transition towards efficient tech-focused processes and ride the waves of technology to their advantage.