Oman’s outlook for electronic payment solutions is one of the best in the region, as the country’s central bank strives for user-friendly and fool proof security system in the wake of growing electronic financial transactions. The recently launched Mobile Payment Clearing Platform makes Oman the first country in the GCC to implement this fully fledged system as many more initiatives are in the pipeline.
The above view was expressed by the representatives of electronic payment solutions provider ProgressSoft, which was part of the first international payments event in the Sultanate. It was organised by the Middle East Center for Consulting & Social Studies, and sponsored by the Central Bank of Oman (CBO) and ProgressSoft Corporation.
The Conference was opened by Shaikh Khalid bin Omar al Marhoon, Minister of Civil Service, on Tuesday. The conference deliberations were of great importance in global financial perspective as it dwelt upon issues like international mobile payments, ecosystem, digital currency, regional RTGS for cross border settlement, and legal dimensions and visions in electronic payments, amongst many other subjects related to it.
The two-day conference attracted national and international speakers at the Dhofar Ballroom of Crowne Plaza Salalah Resort on Tuesday and Wednesday. The conference sessions were conducted by renowned financial experts drawn from economic, financial and banking communities from around the world.
The speakers examined major trends in payment processing first in the field of large-value payments and then in the field of retail ones. One presentation threw light on the impact of the blockchain technology based on the development of faster payment solutions and the replacement of paper by electronics, including possible replacement of notes and coins by digital currencies.
Bader al Aghbari, Vice-President of Banking Oversight, CBO, highlighted the recent launch of Mobile Payment Clearing Platform in Oman.
The system provided by ProgressSoft makes Oman the first country in the GCC to implement this fully fledged system. “The step comes in line with the Central Bank’s constant efforts towards ameliorating the payment system infrastructure in the Sultanate and marks a key milestone in the country’s long-term strategy for electronic payments.
“The introduction of a soft, safe and secure instantaneous fund transfer mechanism through the use of mobile number is the only requirement to conclude a payment successfully. Therefore, initiating payments have never been easier and more convenient, which promises to widen the solution’s segment of users alongside boosting financial inclusion in Oman,” he said. ProgressSoft endorsed the challenges of the central banks in the given situation. Ali Qoul, Senior System Architect at ProgressSoft Corporation, said: “The FinTech revolution continues apace as more and banks and financial institutions embrace the innovation and technology on offer. Among the most significant for the payment industry is the advent of virtual currencies like blockchain and the distributed ledger technology behind it.”
“These cryptocurrencies like BitCoin and Etherium, are challenging the central banks and commercial banks to offer similar products in more controlled and secure manner,” he said. The central banks across the globe, according to him, have begun working on initiatives to implement national level central bank digital currency (CBDC). “Once implemented on national level the CBDC would provide tremendous benefits to the central bank, commercial banks, customers, and of course the entire country.”
ProgressSoft, which is a leading provider of real-time payment solutions, is working with the CBO targeting the automation of various clearing house services, which CBO offers to the banks and their customers in the Sultanate.
Kaushalendra Singh
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