Bank Muscat Launches Oman’s First Electronic Wallet
Bank Muscat 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.
The 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, according to a press release.
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 it with cash to a maximum limit of RO300. 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 customers’ wallets by using their mobile number/alias if they are registered with the Central Bank of Oman’s (CBO) mobile payment and clearing system. The funds can also be transferred back from bm Wallet to the user’s Bank Muscat account.
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 and e-banking at Bank Muscat, 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 e-Government 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.”
With assets worth over USD 15 billion, BankMuscat (SAOG) is the leading financial services provider in Oman with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. Firmly positioned to exceed one million satisfied customers in 2010, the Bank has the largest network of 129 branches, 379 ATMs, 120 CDMs and 4500 PoS terminals.
The international operations consist of a branch each in Riyadh (Saudi Arabia), Kuwait and a Representative Office in Dubai (UAE). BankMuscat currently owns 49% of BMI Bank B.S.C ©, an independent bank in Bahrain. The Bank also has a 43% stake in the Mangal Keshav Group, one of the oldest and most respected securities houses in the fast-growing Indian equities market, 97% stake in Muscat Capital LLC, a newly created brokerage and investment banking entity in Saudi Arabia, besides a stake in Silkbank Ltd. in Pakistan.