Question

Keeping customer lives simple, convenient and more importantly digital, Ooredoo’s Pay+ mobile wallet is
continuing to set the standard in the Sultanate’s evolving payment ecosystem. Developed together with the National
Bank of Oman (NBO), the fast, and secure e-wallet enables customers to make a wide range of transactions from a
single app on their smartphone including payments, deposits, transfers, or withdrawals. Feras bin Abdullah Al
Shaikh, Consumer Director at Ooredoo said, “Pay+ has seen great success since launching in December of last year.
Smartphones are no longer just for calls, messaging and surfing, they have transformed to become an integral part
of people’s daily lives. Through Pay+, customers and merchants are able to leverage Ooredoo’s digital leadership
and strong network as well as NBO’s expertise for a faster, more secure and convenient banking experience on the
go.” Approved by the Telecommunications Regulatory Authority and the Central Bank of Oman, the service allows
customers to use their phones to pay in restaurants and stores, transfer money locally and internationally, make
withdrawals and deposits, top-up mobile credit and make bill payments to any operator in Oman. Moreover, the
app’s robust security features mean that payment information is protected at all times.
Instruction: Please make sure that each answer is having 150 – 175 words (3 x 5 Marks = 15 Marks)
1. What kind of money transactions are discussed in the above case and why?
2. ‘Pay+’ will make Omani economy ‘cashless’ Do you agree / Disagree Justify your answer
3. Describe any two issues related to ‘Pay+’ transactions in Oman.

Answer 1

1)

DIGITAL MONEY

In the case study, the relevance of digital money transactions are describing briefly today's world digital money and digital transactions has an important role in lay today life of every person .So in this case the national bank of man has implemented new application service for Thiers customers for using all the digital transactions. Through this application the customers can use easily and do digital transactions rather than being in the queue at banks.

NBO's bank providing various services through this application,such as bill payments,with drawl,transfer money locally and internationally .So the importance of digital transactions are briefing in this case.

2)

yes,agree with that statement pay is providing online digital transactions so the customers can be use in restaurants,shops,malls everywhere rather  than giving paper money. The customers of pay +application will slowly digitalized and they will stop using the traditional mathod.So the economy will become slowly come's into cashless economy

cashless economy is the situation in which no physical cash is in circulation in the economy of a country.All the payments are made through credit and debit cards,Applications,internet banking ,m-banking etc....Now a days every banks are casing the applications like pay so the customers need not go to banks.they can save time and effort to do transactions,the main benefits are cost reduction ,risk reduction,speed,increase in the base etc...

The digital transaction will help the containment of parallel economy.the balance monacan be easily tracable.All the suspicious transactions can be suspected.

There are so many discounts also will get to the customers.cashless economy will not happen suddenly .It is a gradually process so they pay money app defensibly help economy to became cashless economy

3)

1.SECURITY ISSUES

One of the main issue will be security. fraud people can be easily make fake transactions without the knowledge of the uneducated customers.The knowledge of the uneducated customers.The security issue is problem every where in the world.

2 .HACKING

hacking is also an important issue in digital transactions.if there is any security threats,hackers can easily came through loopholes.

3.COST OF INTERNET

The cost of internet is higher in Yoman so the less income people can't use everywhere.active internet planish necessary for working of payout application.This will also an issue fer the transactions

4.UNEDUCATED /ILLITERATE PEOPLE

uneducated people or illiterate people can't use the application very well they will hesitate to use the application and they will like to do traditional way

5 CHANGES IN MINDSET

The mindset of old generation people is an important factor. The mindset will not easily change .so it will take time to transform to new APP from traditional way fullers.