(MENAFN- Muscat Daily) Muscat- The Central Bank of Oman (CBO), in its endeavour to continuously enhance the payment infrastructure in the country, announced the go-live of the mobile payment clearing and switching system 'MpClear' on Sunday.
It marked CBO attaining 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, stated a press release.
The system is expected to provide ease of use, convenience and further promote electronic payments in the sultanate. Oman is the first country among the GCC countries to implement such a system.
The MpClear system promises interoperability and an 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 a mobile. Given the ubiquity of the mobile, such mobile-based payments aim at addressing financial inclusion in the sultanate and support the National eGovernment Strategy thus progressing to a less cash economy at the national level.
MpClear facilitates providing a collection of reporting and monitoring services at the fingertips of the central bank which aids in informed decision making.
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.
H E Hamood bin Sangour al Zadjali, executive president of CBO, thanked the banking community and the implementing company ProgressSoft, for the unstinted support extended and enormous efforts taken by them for fulfilling the national objective of the central bank in providing a safe, sound and secure payment infrastructure.
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