A new mobile payment clearing and switching, MpClear, system has been launched in Oman. The Central Bank of Oman said the new system is expected to enhance the payment infrastructure of the country. Oman is the first country within the GCC countries to implement such a system under the Central Bank leadership. The system 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 central bank said 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. MpClear also facilitates providing a collection of reporting and monitoring services at the fingertips of central bank which aids in informed decision making.
