A unique system for mobile payment clearing and switching (MpClear) was launched on Sunday, said the Central Bank of Oman (CBO) in a statement. This will enhance the payment infrastructure of the country.
With the launch of this system, Oman is the first country within the GCC countries to implement such system under the Central Bank leadership.
It will also help attain 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. This is expected to provide ease of use, convenience and further promote electronic payments in the Sultanate of Oman.
The MpClear system promises interoperability and a 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 mobile. Given the ubiquity of the mobile, such mobile based payments aim at addressing financial inclusion in the Sultanate of Oman and support the National E-government Strategy thus progressing to a less cash economy at the National level. Apart from its role as a switching and clearing platform, MpClear facilitates providing a collection of reporting and monitoring services at the fingertips of central bank which aids in informed decision making.
The uniqueness of MpClear lies in its functionality to conduct a fund transfer with the use of just a mobile number and accommodation of the unbanked sector, thereby giving an impetus to financial inclusion in the Sultanate. 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) and Business-to-Business (B2B).