20 Nov 2019
Payment Clearing & Settlement System
Central Bank of Oman (CBO) has announced the launch of its upgraded Mobile Payment Clearing & Settlement System (MPCSS) on November 18, Commemorating the glorious occasion of the 49th National Day.
According to CBO’s idea to promote e-payments in the country the MPCSS platform has been upgraded to allow additional functionality in the mobile payments space. The MPCSS platform makes smooth and continues interoperability between various mobile banking/wallet systems operated by banks and payment service providers (PSPs) in the country so facilitating a simple, efficient and secure payment mechanism driven through the medium of smartphones.
By the use of MPCSS platform through Banks/PSPs mobile applications, users can create a range of payments such as Person-to-Person (P2P), Person to Business (P2B) & Person to Government (P2G), either by using their mobile numbers, alias names or the scanning QR Code in real-time.
By launching this system, banks & PSPs will enable merchant payments (Government & Private Sector) using mobile banking/wallet apps which will be affordable, easy and will promote small/micro businesses, corner shops to adopt e-payments. Going forward CBO also envisions this platform to grow and evolve as a substitute payment option for conducting e-commerce transactions.
“The upgraded MPCSS platform enables easy, safe and cost-effective payments mechanism in the country, and we believe it will significantly help in transforming Oman into a less cash-based society.” Said Tahir bin Salim Al Amri, Executive President of CBO.