Paymob receives CBO's PSP licence

Tuesday 16 January 2024 09:37 CET | News

UAE-based financial services enabler Paymob has announced that it secured the Central Bank of Oman’s (CBO) Payment Service Provider (PSP) licence. 

Through this, Paymob became one of the first international fintech companies to be fully licenced in the Sultanate. As per the information detailed in the press release, the PSP licence allows Paymob to accept and process online and in-store payments in Oman, enabled by its local integration with CBO’s secure payment infrastructure, OmanNet. Additionally, the move enables merchants in the Sultanate to accept local and cross-border payments through Paymob’s gateway, removing the need for multiple integrations. The company received its PSP licence after complying with all the regulatory requirements of CBO’s framework.

UAE-based financial services enabler Paymob has announced that it secured the Central Bank of Oman’s (CBO) Payment Service Provider (PSP) licence.

Paymob’s additional capabilities in Oman

According to Paymob’s officials, the company is committed to supporting small and medium-sized businesses (SMEs) in Oman by making payment solutions accessible to all merchants and processing transactions conveniently and securely through its local gateway. The region is on an accelerated journey toward the digital transformation of its banking sector, directed by its Vision 2040 strategy which intends to create a more diversified economy.  Between 2018 and 2022, ATM, POS, and ecommerce transactions processed through OmanNet increased by 300%, from 82.4 million transactions to 252.9 million transactions.

By securing the PSP licence in Oman, Paymob can further provide its commitment to allowing MENAP-based SMEs to expand in the digital economy via access to several innovative digital payment solutions. Paymob currently offers 40 payment methods that focus on increasing sales and conversions, improving customer retention, and appealing to a broader demographic for SMEs. With its operations launched in 2015, the company serves 250,000 merchants across MENAP. Paymob is backed by global and regional investors including PayPal Ventures, Kora Capital, Clay Point Capital, Global Ventures, FMO, A15, British International Investment, Helios Digital Ventures, and Nclude.

Paymob’s recent developments

Prior to this announcement, Paymob recently partnered  with Tamara, a shopping and payments platform in the GCC region. Through this collaboration, Tamara integrated its Buy Now, Pay Later (BNPL) service with Paymob’s secure gateway to offer simplified payments by allowing customers to divide their payments into four without any hidden fees or interest. At that time, the two companies planned to initially serve merchants in KSA and the UAE, with more countries to be added in later stages. The addition of Tamara’s BNPL solution into Paymob’s gateway was conducted via a simple integration that focused on reducing merchants’ barriers to entry and ensuring the security of transactions when being processed.

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Keywords: PSP, regulation, ATM, POS, SMEs, payment processing, cross-border payments
Categories: Banking & Fintech
Companies: Central Bank of Oman, Paymob
Countries: Oman
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Banking & Fintech

Central Bank of Oman



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