(MENAFN- Muscat Daily) The National Bank of Oman (NBO) will soon be rolling out TapNGo cards for customers. It will eliminate the process of swiping the card or entering its PIN number to pay for items. The card just has to be flashed in front of the reader to make the payment.
The announcement regarding the new contactless card which can be used only for purchases up to RO10 was made at the NBO headquarters on Tuesday.
A technology already being used in other GCC countries the card is embedded with a chip and radio frequency antenna.
Officials said the new system would not only help save time but also allow shops to undertake more transactions.
According to officials the small amount promotes security and reflects the system's target application - small quick purchases. The pilot project being launched in collaboration with MasterCard will be rolled out in two to three months.
As many as 1000 cards will be issued to customers initially while a national rollout will take place later in the year. The card can be used at 550 terminals in the country.
NBO has over 400000 customers nationwide.
Ahmed al Musalmi NBO's CEO said the technology is a first for the sultanate. 'Leadership in the banking technology is a key pillar of our business model and a key driver in our mission to be the bank of choice in Oman. The introduction of contactless payments into the sultanate represents another first for NBO and continues our proud tradition of innovation in the banking industry.'
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.