Banks in the Sultanate of Oman are gearing up or are in the final stages of launching the Apple Pay digital payment service.
According to top sources in the industry, dates have not been set yet but the target is to launch services sometime in September.
“All the banks are gearing up but nothing official on the launch date yet,” said a source in one of the leading banks.
The service is available and widely used in UAE, Saudi Arabia, Qatar, and Bahrain.
Not just banks, but even customers are keen to move away from card and cash payments.
“Several retailers have started accepting mobile transfers if the customer does not have cash with them. They find it more convenient than accepting cards, which comes at a cost to the retailer. Currently, mobile transfers can be done only if both parties have an account with the same bank. Digital payments by Apple will encourage transfer irrespective of accounts,” said Nasser al Balushi, a frequent traveler.
“As of now, the exact date of the launch remains uncertain. However, various sources have confirmed with some details, suggesting that the release will be likely September at the latest. If we’re being optimistic, we could see something as early as last week of August. Notably, one of the banks briefly posted these details on their website before promptly removing them, adding further credibility to the anticipated timeline,” said Mohamed Saif al Manji, of TechOneFive, an initiative group founded to spread awareness of new technologies.
As iPhones are widely used in the Sultanate of Oman, its digital payment launch has been eagerly awaited across the country.
The Central Bank of Oman (CBO) issued guidelines and instructions for banks and payment service providers to provide the Card Tokenization Service, which will replace the current method of card-based payments.
Customers will not be charged any fees for activating and using the service.
According to CBO, the latest decision will encourage innovation in electronic payments and be less cash-dependent.
All banks have already launched the Samsung Pay digital wallet in the country.
An executive from the CBO recently said that Apple is in the final stages of preparations and will be launched in the next couple of months.
According to a CBO report, the total volume of retail transactions has experienced a significant growth of 22.5 per cent compared to the previous year.
In 2023, the number of transactions reached 355.2 million, up from 274.4 million in 2022, which can be attributed to factors such as wider adoption of E-payment methods and the increasing shift away from cash usage.
Apple Pay will be easy to set up for customers on their iPhone wallets.
According to sources, customers simply need to hold their iPhone or Apple Watch near a payment terminal to make a contactless payment.
The purchase is secured because it is authenticated with Face ID, Touch ID or device pass code, as well as, a one-time security code. Apple Pay will be accepted in all stores, taxis, restaurants, coffee shops, retail stores and many more places.
Customers will be able to make faster and more convenient purchases in apps or on the web in Safari without having to create accounts or repeatedly type in shipping and billing information.
Oman Observer