COVID-19 has brought about a massive shift to digital payment in Oman and, according to reports, this change in behaviour is unlikely to wane.
The pandemic has resulted in more than 40% growth in e-wallet usage in the country, according to a latest report published by the Central Bank of Oman.
“The volume of e-payment transactions in Oman has increased by 40.6 per cent in 2021 as compared to 19.2 per cent in 2020,” the CBO stated in the report.
The main driver of this growth was the wider spread of e-commerce and further movement away from cash and the rising use of mobile phones.
The rise in e-payments has also contributed to the growth of payment modes apart from debit/credit card transactions. Lamma is now the talk of the town. Developed by Global Financial Technology, a subsidiary of Omantel, Lamma is a leading fintech chat app driving local innovations in the country. Lamma offers QR payments and NFC payments for cashless transactions, bill payments and many other services that make day-to-day financial decisions and transactions more convenient for smartphone users.
In an exclusive interview with Business Plus, Abdulaziz Nasser Al Rawahi, CEO of Global Financial Technology, talks about the company’s plans in Oman’s digital landscape.
Can you please throw more light on Global Financial Technology and its plans?
Global Financial Technology is a fintech company that I started because of the impact of Covid-19 as the need of the hour was to digitise interactions to control the spread of the virus.
While everything, from education to communication, was going digital, finance was one sector that was largely left untouched. Even though online grocery and vegetable shops had sprung up, cash largely remained the mode of payment and exchange of cash was being considered dangerous during the pandemic. That’s the time the idea of the OM Pay digital wallet application came about. OM Pay is the creation of Global Financial Technology. It offers a plethora of online services that make digital financial transactions safe, secure, fast, versatile and more efficient. The app was launched after the completion of CBO sandbox testing. Very recently, our application for obtaining a PSP licence was also approved by the CBO. Now in its second phase of launch, OM Pay will offer more innovative payment solutions. It will be a step ahead in our efforts to serve our customers better as well as to digitise the national economy.
Another product from us is the Lamma chat application, launched after getting authorisation from the Telecom Regulatory Authority in 2020. It provides VPN free chat and calling facility so that people can be in touch with their loved ones in other parts of the world without any hassle. It also offers free in-chat fund transfers, another extremely useful service.
Oman is on the path of becoming a digital economy, as stated in Oman Vision 2040, and our efforts, products and services are in alignment with this vision.
Abdulaziz Nasser Al Rawahi, CEO of Global Financial Technology
What is the idea behind the OM Pay app?
As I mentioned earlier, the app was born as a result of the impact of Covid-19. The development of the app went hand in hand with the challenges that were thrown in by the pandemic. OM Pay offers QR payments and NFC payments for cashless transactions, bill payments and many other services that will make day-to-day financial decisions and transactions more convenient for smartphone users. Our vision is to stay connected and pay, and that’s the main thought behind OM Pay.
There are many fintech and e-commerce platforms in the country. How is OM Pay different from them?
OM Pay is different in many ways. We are the first fintech company to have graduated from CBO sandbox testing. We plan to launch NFC payments. Our future plans also include creating a kids’ wallet for those below 18 years of age which will give them a hands-on experience in making wise financial decisions from an early stage. Our application will be more secure as it won’t be linked to any bank account, but users can load their wallets with smaller amounts in the beginning and, going forward, they can use it for all their financial needs: bill payments, remittances and so on.
Oman is on a digital transformation and the country is looking for a promising return from the digital economy. Looking at the future, what’s in store for OM Pay and Global Financial Technology?
Yes, Oman is on the path of becoming a digital economy, as stated in Oman Vision 2040, and our efforts, products and services are in alignment with this vision. In the future, I see OM Pay as a widely used application in cities and villages and across social strata by professionals, big and small businesses, merchants, workers, students and homemakers. I see Global Financial Technology as an international company that will keep creating innovative features and services while staying committed to the digital development of Oman. The future is promising for Global Financial Technology and OM Pay and we are excited and all geared up for the challenges.
