Bank muscat SAOG : Upgraded BM Wallet, mBanking apps see strong response from customers

MUSCAT, 6 January 2021

More and more customers have begun using the upgraded BM Wallet and mBanking apps for daily transactions. The upgraded apps which were launched in line with Bank Muscat's vision to 'To serve you better, everyday', has made it easy for customers to transfer money to or request funds from others using the Mobile Payments System of the Central Bank of Oman.

Funds can transferred instantaneously using the following modes. For person to person transfers, money can be sent or collected from the recipient's default account or wallet. 'Send money' can be initiated by using mobile number, Alias or by QR code scanning and 'collect money' can be initiated using recipient Alias/Mobile Number. Both the sender and recipient should be registered on the Mobile Payments System (MPS).

Bank Muscat customers have the facility to register on the MPS via both its BM Wallet and the mBanking app. Funds can be transferred instantly to both Bank Muscat and non-Bank Muscat customers' bank accounts or wallets by using their MPS-registered mobile number/alias/QR code. Funds can be transferred instantly, 24/7 and at zero cost to any bank's registered MPS customer without the need to enter the beneficiary's long account number. Beneficiaries can be simply selected from one's phone contact list to initiate a payment.

The new payment options will greatly help the retail sector in the country. A 'Scan & Pay' option can be used to initiate merchant payment requests. Merchant payments can be initiated from customer's mBanking app or wallet to the merchant by scanning a static or dynamic QR code and the merchant can also request money from a customer using Mobile Payments System registered mobile number / Alias / QR code.

The BM Wallet app is highly secure and does not store any sensitive information or transaction logs on the phone, which makes it totally secure. Bank Muscat has also built in other robust security features into the app. The BM Wallet app can be accessed on iOS and Android devices and is available at the App Store and Google Play in both Arabic and English versions.

Funds can be loaded onto the BM Wallet through debit card, mobile banking, Internet banking, ATMs or CDMs. An added advantage is that frequently carried out transactions can be highlighted for convenience and transaction history for the past 90 days is available within the app. To know more about BM Wallet, please go to https://www.bankmuscat.com/en/about/Documents/bmforms/BMwallet-FAQs-English.pdf.