The rise of online payment solutions

The rise of online payment solutions

The economic transformations brought about first by the technological revolution, societal evolution and recently by the pandemic has compelled all individuals and businesses to go online. With greater intermingling of finance and technology, online payment solutions are truly flourishing in today’s world. A vista of opportunities have opened up for customers as they now seek to choose simplified, safe and quick payment options.

Online/ cashless/ contactless transactions have become the new normal with the emergence of innovative technologies; the necessity of social distancing in day-to-day life reinforced by the Covid 19 pandemic along with the rise of aware consumerism and FinTech companies catering to the ever-evolving consumers’ needs.

This has been the trend at the global level and Oman too has been at the forefront of rapid digital transformations. In Oman Vision 2040, the goal to create a digital economy has been reinforced.

FinTech companies have changed the entire narrative in the financial landscape. They have digitally altered all banking transactions to a level where bank customers no longer need to stand in long queues and do all paperwork just to get access to financial services. Through mobile apps, professionals, homemakers, students, SMEs and other businesses can transact seamlessly and enjoy a plethora