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BM Wallet, mBanking apps upgraded with new Mobile Payments System

​MUSCAT, 24 November 2019 

Bank Muscat, 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 has announced the addition of the Central Bank of Oman’s Mobile Payments System to both its BM Wallet and the mBanking app. The state-of-the-art Mobile Payments System promises interoperability and unified switching and clearing services between various mobile banking systems operated by different banks in the Sultanate thereby promoting enhanced efficiency and security of mobile payments.

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 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 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. Bank Muscat has initially tied up with a select few merchants and will look to expand this network in the future.

Amjad Al Lawati, AGM - Cards and eBanking, said: “Bank Muscat is delighted to add more features to its innovative and advanced digital payment channels. We thank the CBO for all the measures that they have taken to align the banking sector in line with the government’s ambitious eGovernment project. In conformity with international standards, the mobile wallet provides security and convenience for mobile phone transactions and reflects the bank's commitment to implement cutting-edge financial infrastructure in the country that will benefit all.”

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 all iOS and Android devices and is available at the App Store and Google Play in both Arabic and English versions.

The Mobile Payments System platform is all 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 technology-based processes. Over the years, Bank Muscat has leveraged digital technology to offer secure and convenient payment channels in Oman so as to provide banking convenience for all its customers.