MUSCAT: The Central Bank of Oman (CBO) has announced the go live of a unique payment system, the mobile payment clearing and switching system (MpClear) enabling it to attain one more milestone in providing a safe and secure fund transfer mechanism through the medium of mobile by just using a mobile number to complete the payment transfer instantly, coinciding with the Renaissance Day yesterday.
This is expected to provide ease of use, convenience and further promote electronic payments in the country.
After the launch of this system, Oman has become the first country in the GCC to implement such system under the Central Bank sponsorship, according to a press statement.
The MpClear system promises interoperability and a unified switching and clearing services between various mobile banking systems operated by banks thereby promoting enhanced efficiency and security of payments effected through the medium of mobile.
Given the ubiquity of the mobile, such mobile based payments aim at addressing financial inclusion in the Sultanate of Oman and support the national e-government strategy thus progressing to a less cash economy at the national level.
Apart from its role as a switching and clearing platform, MpClear facilitates providing a collection of reporting and monitoring services at the fingertips of central bank which aids in informed decision making.
The uniqueness of MpClear lies in its functionality to conduct a fund transfer with the use of just a mobile number and accommodation of the unbanked sector, thereby giving an impetus to financial inclusion in the Sultanate.
With MpClear, users can conduct a wide range of payments such as, Person-to-Person (P2P), Person to Business (P2B), Person to Government (P2G), Person to Merchant (P2M), Business to Person (B2P), Government to Person (G2P), Business-to-Business (B2B) etc.
Hamood bin Sangour al Zadjali thanked the banking community in the country and the implementing company ProgressSoft, for the unstinting support extended and enormous efforts taken by them for fulfilling the national objective of CBO in providing a safe, sound and secure payment infrastructure in the country.
Ali al Jabri, In-Charge Payment Systems Department at CBO, said “Being ahead of the curve in payment systems has been the goal of CBO, with the ultimate aim of providing convenience, safe and ease of operations for fund transfers.
MpClear System offers fund transfer via mobile an easier and fast payment channel with just a mobile number.
The benefits of the same will be evidenced by the stakeholders/customers soon”. AbdulRazak Ali Issa, Chief Executive, Bank Muscat; Khalid al Kayed, CEO of Bank Nizwa; Andrew Long, CEO, HSBC Bank Oman; Abdul Hakeem Omar al Ojaili, CEO of BankDhofar; Sasi Kumar, Acting CEO of Bank Sohar; and Ahmed al Musalmi CEO of NBO lauded the MpClear Project calling it as yet another step towards meeting their customers’ evolving expectations.
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