OAB and Thawani Technologies sign partnership agreement

14/02/2018 05:45 AST

Heralding the arrival of first of its kind e-service platform for both banking and retail transactions, Oman Arab Bank (OAB) and Thawani Technologies entered into a partnership agreement to facilitate their customers with a single-touch solution to all their payment needs.

Under this agreement, the OAB will function as the banking partner of the Thawani platform, an innovative e-payment solution. OAB will act as the banking consultant for Thawani to ensure that the smart platform products comply with instructions set forth by the Central Bank of Oman (CBO) and other market authorities. Additionally, OAB will also work closely with them on matters relating to risk management and combating financial fraud, alongside the execution of all transactions via Thawani's new e-payment app.

The Thawani App which will be made available on both Google Play and App Store for free starting March 13, will help customers not only enjoy absolute convenience but also be able to keep their banking data completely private with the App.

They will not be required to share any card, bank, or account information at any point during a transaction. In addition, with Thawani, customers need only scan the buyer's QR code and enter the amount of payment required to complete the transfer process. If you are not present at the shop, you can instead use their supplied merchant ID or saved phone number to carry out the transaction. Alternatively, the merchant can send you a payment request via 'WAYYAK' on the app, which you can then approve to complete the transaction. In addition to the convenience it provides, the app also offers a wide range of other benefits including a new alternative for making bill payments.

The signing ceremony was held in the presence of Rashad al Musafir, Acting CEO of OAB, representing the Bank, and Majid bin Fayil al Amri, Founder and CEO of Thawani, representing Thawani Technologies.

For businessmen and retail merchants, the new platform from Thawani and OAB will be far more useful than systems currently available on the market. In addition to the minimal fees required for using the platform, the time to complete a payment transaction is amongst fastest in the market, thanks to new technologies and programs developed by both Thawani and OAB. As such, the app will definitely reduce human errors and encourage staff to focus more on customer service rather than the financial process itself.

The App, which is in congruence with Oman's e-commerce drive will improve transparency and move forward with the concept of total paperless society and a whopping number of at least 20,000 customers are expected to use the system and the demand is already on.

Oman Daily Observer