Oman awaits Apple Pay launch in September
Published: 07:08 PM,Aug 17,2024 | EDITED : 12:09 PM,Sep 05,2024
According to top sources in the industry, dates have not been set yet but the target is to launch services sometime in September.
“All the banks are gearing up but nothing official on the launch date yet,” said a source in one of the leading banks.
The service is available and widely used in UAE, Saudi Arabia, Qatar, and Bahrain.
Not just banks, but even customers are keen to move away from card and cash payments.
“Several retailers have started accepting mobile transfers if the customer does not have cash with them. They find it more convenient than accepting cards, which comes at a cost to the retailer. Currently, mobile transfers can be done only if both parties have an account with the same bank. Digital payments by Apple will encourage transfer irrespective of accounts,” said Nasser al Balushi, a frequent traveler.
'As of now, the exact date of the launch remains uncertain. However, various sources have confirmed with some details, suggesting that the release will be likely September at the latest. If we're being optimistic, we could see something as early as last week of August. Notably, one of the banks briefly posted these details on their website before promptly removing them, adding further credibility to the anticipated timeline,' said Mohamed Saif al Manji, of TechOneFive, an initiative group founded to spread awareness of new technologies.
As iPhones are widely used in the Sultanate of Oman, its digital payment launch has been eagerly awaited across the country.
CBO GUIDELINES
CBO would like to clarify that the Mobile Payment Clearing and Switching System (MPCSS) provides interoperability, unified switching, and clearing services between various mobile banking/wallets applications operated by different Banks and Payment Service Providers (PSPs). It enables any Bank’s or PSP customers to transfer funds to other Bank’s or PSPs instantly and both the Sender and Receiver need not necessarily have accounts with the same bank/PSP. The MPCSS enables customers of the banks/PSPs operating in the Sultanate of Oman to make payments easily, transfer money, or request funds from customers of the same bank/PSPs or from other banks/PSPs instantly.
The MPCSS has provisions for two types of transactions: Person-to-Person (P2P) transfer using Mobile Number, Alias Name, or QR code, and Person to Merchants (P2M) using Merchant’s QR codes.
QR code payments are an easy and cost-competitive option compared to other payment methods, offering merchants a convenient payment solution.
SECURITY
The introduction of card tokenisation services will add a layer of security. Tokenisation turns the 16-digit card number into a different number stored on the device, so the actual card information is never shared when making the payment. However, card tokenisation will not replace the current practice of card-based payment; it will provide a new seamless payment experience while existing payment methods will continue to be available.
According to a CBO report, the total volume of retail transactions has experienced a significant growth of 22.5 per cent compared to the previous year.
In 2023, the number of transactions reached 355.2 million, up from 274.4 million in 2022, which can be attributed to factors such as wider adoption of E-payment methods and the increasing shift away from cash usage.
Apple Pay will be easy to set up for customers on their iPhone wallets.
According to sources, customers simply need to hold their iPhone or Apple Watch near a payment terminal to make a contactless payment.
The purchase is secured because it is authenticated with Face ID, Touch ID or device pass code, as well as, a one-time security code. Apple Pay will be accepted in all stores, taxis, restaurants, coffee shops, retail stores and many more places.
Customers will be able to make faster and more convenient purchases in apps or on the web in Safari without having to create accounts or repeatedly type in shipping and billing information.