MUSCAT: In what could be a big boost to Oman’s ambitious digital journey, international electronic payment applications such as Apple Pay and Samsung Pay would soon be able to activate their services in the country.
In this regard, the Central Bank of Oman (CBO) has issued instructions for banks and PSPs to provide ‘Card Tokenization Service’ (CTS) that will help to create a safer online and mobile payments environment for consumers by replacing a card’s primary account number, The Arabian Stories has learnt.
“This service allows local and international electronic payment applications available on smart devices to activate their services in the Sultanate,” CBO said in a statement. Based on the readiness of banks and payment service providers, the service activation process is expected to take six to nine months. According to CBO, customers can register payment cards on smart devices, and perform contactless payment transactions.
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Tokenization is the process of replacing your card details with a unique code or token, allowing you to make online purchases without revealing sensitive card details.