Oman: Contactless Payments To Get Boost With Card Tokenisation Service – Gulf Insider
The Central Bank of Oman (CBO) on Sunday issued guidelines and instructions to banks and Payment Service Providers (PSPs) to provide Card Tokenisation Service (CTS).
This service allows local and international electronic payment applications available on smart devices to activate their services in the Sultanate of Oman.
The CBO took to X (formerly known as Twitter) to inform about the guidelines that are aimed at creating a safer online and mobile payment environment.
The CTS will replace the primary card number with a ‘token’ that is used on smart devices to complete payment transactions securely.
The aim is to encourage innovation in electronic payments and less cash dependency while providing a new seamless payment experience. It will also enhance security in card payment transactions. The new initiative will support the national digital transformation programme and e-commerce strategy.
With the activation of CTS, customers can register payment cards on smart devices and perform contactless payment transactions. Local and international electronic payment applications on smart devices (such as Apple Pay, Samsun Pay, etc.) will be able to activate their services in Oman, according to CBO. “Moreover, customers will not be charged any fees for activating and using the service,” CBO said in a statement.
Based on the readiness of banks and payment service providers, the service activation process is expected to take six to nine months.
