The rise of online payment solutions

The economic transformations caused first by the technological revolution, the societal evolution and recently by the pandemic have forced all individuals and businesses to go online. With greater intertwining of finance and technology, online payment solutions are truly flourishing in today’s world. A multitude of opportunities are available to customers who are now looking to choose payment options that are simple, secure and fast.

Online/cashless/contactless transactions have become the new norm with the emergence of innovative technologies; the need for social distancing in daily life reinforced by the Covid 19 pandemic as well as the rise of conscious consumerism and FinTech companies catering to ever-changing consumer needs.

This has been the trend globally and Oman has also been at the forefront of rapid digital transformations. In Oman Vision 2040, the goal of creating a digital economy has been reinforced.

FinTech companies have completely changed the narrative of the financial landscape. They have digitally changed all banking transactions to a level where bank customers no longer need to queue in long queues and complete all the paperwork just to access financial services. Through mobile apps, professionals, homemakers, students, SMEs, and other businesses can transact seamlessly and take advantage of a plethora of services for various financial needs.

Mr. Abdulaziz Nasser Al-Rawahi, CEO of Global Financial Technology LLC, owner of OM Pay, Lamma – Oman’s first super app, a unified communication platform with payment integration – comments: “With the ever-changing customer base and the unprecedented challenges posed by the pandemic, fintech solutions have proven to be a boon. The diversification of the financial ecosystem is welcome. This has not only given greater decision-making power to customers over their finances, but has also brought about productive changes in the economy and effectively spurred economic growth. It has also proven to be a boon for the unbanked segments of society.”

The OM Pay Lamma app uses emerging technologies such as artificial intelligence and analytics to facilitate payment solutions. It offers multiple payment options such as wallet, NFC, QR code for seamless and meaningful user experiences. Those with multiple bank accounts can transact from one app with money in any of their bank accounts. Those who are unbanked can leverage OM Pay’s network to enter a digital world. Merchants and business owners can use the OM Pay app for digital transactions, reducing reliance on cash and increasing their customer base.

Speaking on the sustainability of the online payment solutions business, Mr. Abdulaziz said, “This new online transaction system is here to stay and it will only grow further. The heart of our business will always be to offer our customers an experience that lives up to or even exceeds the trust they place in us. We want to offer them an efficient and scalable online payment infrastructure that allows them to feel secure at all times.”

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