Connect with us

News

Paymob Secures PSP License From Oman’s Central Bank

The payment service provider license is the first to be issued by the CBO to an international fintech provider.

Published

on

paymob secures psp license from oman's central bank
Paymob

Paymob, a prominent MENAP (Middle East, North Africa, and Pakistan) financial services provider, has announced its acquisition of a Payment Service Provider (PSP) license from the Central Bank of Oman (CBO). The groundbreaking achievement marks a significant milestone for the fintech firm, as it becomes the first international company to obtain full licensing within the Sultanate.

With the newly issued PSP license, Paymob gains official authorization to accept and manage both online and in-store payments within Oman. This functionality is made possible through a seamless integration with OmanNet, the CBO’s secure payment infrastructure.

Now, Oman-based merchants will be able to facilitate payments locally and across borders via Paymob’s gateway, streamlining the cumbersome process of multiple integrations.

Islam Shawky, co-founder and CEO of Paymob, explained the significance of the new license: “It is a proud moment for Paymob to be the first international fintech company to receive PSP licensing in Oman. We appreciate the vote of confidence that CBO has placed in our technology. We are committed to enabling SME growth in Oman by making cutting-edge payment solutions accessible to all merchants and processing transactions seamlessly and securely through our local gateway”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Oman has been steadily advancing towards the digital transformation of its banking sector, driven by the Vision 2040 initiative aimed at economic diversification. The data from 2018 to 2022 reveals a remarkable surge in ATM, POS, and e-commerce transactions processed through OmanNet, with a staggering 300% increase from 82.4 million to 252.9 million transactions.

Paymob’s attainment of the Central Bank of Oman’s PSP license signifies a remarkable stride for the company and the fintech landscape as a whole, promising substantial benefits for Oman’s digital payments ecosystem and further strengthening Paymob’s position as a leading player in the MENAP region.

Advertisement

📢 Get Exclusive Monthly Articles, Updates & Tech Tips Right In Your Inbox!

JOIN 17K+ SUBSCRIBERS

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Hamad International Wins 2024 Skytrax World Airport Awards

The Qatar airport also won “World’s Best Airport Shopping” for the 2nd time, and “Best Airport in the Middle East” for the 10th year.

Published

on

hamad international wins 2024 skytrax world airport awards

Hamad International Airport (DOH) in Doha, Qatar, has once again won the “World’s Best Airport” title at the Skytrax World Airport Awards. The award ceremony, held at the Passenger Terminal Expo 2024 in Frankfurt, Germany, also saw Hamad clinch the accolade of “World’s Best Airport Shopping” for the 2nd time in a row and “Best Airport in the Middle East” for an impressive 10th consecutive year.

Qatar Airways Group Chief Executive Officer, Eng. Badr Mohammed Al-Meer, who played a key role in the airport’s development over the past decade, said: “This is a remarkable achievement for Hamad International Airport, as it celebrates its 10th anniversary of operational excellence, connecting passengers seamlessly from all around the world. It is a testament to the dedication of our team and partners, who have contributed to providing passengers with the finest travel experience”.

hamad international airport doha qatar

Al-Meer emphasized the importance of understanding changing travel trends and the needs of modern air passengers: “At the heart of our growth strategy lies the passengers’ journey, their evolving needs, and our commitment to meeting and exceeding their expectations. We have introduced a diverse range of experiences at the airport, including Souq Al Matar, which brings Qatari hospitality and culture closer to travelers, “Orchard”, the ideal place for relaxation and rejuvenation between flights, and an array of high-end lounges”.

Also Read: Top E-Commerce Websites In The Middle East In 2024

Hamad International Airport saw a massive 31% surge in passenger traffic during 2023, with the transport hub now serving over 45 million passengers annually. The airport is now home to prestigious airlines, including Vistara, Iberia, Xiamen Airlines, Garuda Indonesia, and Japan Airlines, serving 250+ destinations for passenger and cargo flights.

The uptick in traffic is no doubt due to the completion of the first phase of an extensive expansion project. Hamad’s management intends to radically update the airport’s facilities over the coming years in a bid to create the “airport of the future”. The expansion features a unique and calming environment of lush greenery and several contemporary dining and shopping concepts among the already well-equipped leisure facilities.

Continue Reading

#Trending