Oman’s Bank Muscat Debuts QR Code Payments
Bank Muscat, a financial services provider based in Oman, says it’s ready to offer new e-payment options that will promote financial inclusion and digital payments, a press release said Monday (May 17).
This will come with various options for merchant partners in the sultanate.
The bank has been expanding e-payment options for things like debit and credit cards, wearables, mobile wallets and more. It has also added QR code options.
Bank Muscat has said businesses can add QR code payments to comply with new regulations for businesses to offer e-payment options for customers.
According to Abdullah Hamood Al Jufaili, assistant general manager, digital banking, Bank Muscat, the rapid shift to digital payments has been a good thing for the company.
“E-payments benefit our merchant partners, customers, and the general public by improving financial inclusion and offering convenient and highly secure payment options hence, it is important that businesses offer various e-payment options that will boost economic growth and development,” he said. “QR-code-based payments are particularly helpful to small businesses in this regard. We are confident that the ongoing digital transformation will help our nation and its people achieve the ambitious goals of Oman Vision 2040.”
See also: Mastercard Brings Financial Inclusion Offering to Central America
Financial inclusion has been happening elsewhere in the world, including payment giant Mastercard debuting a program in Guatemala, El Salvador and Honduras, PYMNTS wrote.
The objective is to bolster the company’s goal of “including 5 million unbanked individuals and digitize and provide credit access to 1 million micro and small businesses (MSMBs)” in the next five years, the report said.
It’s all part of Mastercard’s work with the Partnership for Central America, which will include a $100 million investment to accelerate digital services in the previously mentioned countries. In those places, around 60% of adults do not have bank accounts.