Bank Nizwa successfully goes live with IRIS Money to launch Digital Wallets

TPS, a leading payment solutions company, today announced that Bank Nizwa, Oman’s first dedicated Islamic bank, has successfully launched its wallet program on TPS’ IRIS Money platform to offer digital wallets & payment services to its customers.

Mobile is now becoming the primary channel for most consumers globally, driving more commerce than any other channel. With mobile penetration of more than 150%, Oman has a huge potential for Mobile Financial Services. The Central Bank of Oman (CBO) has strategized the country’s digital payments road map to tap into this omni-present channel. With the launch of national wallet program by CBO, Oman’s digital financial penetration will grow manyfold, acting as catalyst of conversion to cash-light commerce. Capitalizing on this opportunity with IRIS Money, Bank Nizwa has successfully launched mobile wallets, providing seamless, convenient and fast payment options to its customers. Mobile wallet are serving as a digital extension of the bank’s services, enabling the bank to expand its market reach, acquire new customers and unlock new revenue streams.

Arif Al Zaabi, Acting Head of Retail Banking at Bank Nizwa said, “Mobile banking continues to be one of the fastest growing forms of digitalization, representing a highly efficient method of conducting transactions for banking customers. We are proud to be one of the first banks to provide the e-wallet services in the sultanate. Our new e-wallet service merges this effective payment service with the principles of Islamic finance, offering a wide-range of seamless money transfer options. Along with this innovative technology, we are ensuring that every interaction customers have with our e-wallet is convenient, secure, and fast no matter where they are.”

Shahzad Shahid, CEO, TPS said, “As mobile is becoming the strongest channel for the delivery of financial services, TPS is enabling progressive customers like Bank Nizwa leverage the power of mobile and the capabilities inherent in IRIS Money to reach a wider base of customers and offer reliable and efficient services.”

IRIS Money is a digital wallet and mobile financial services solution by TPS that offers a broad range of customer segmentation, wallet products, and merchant and agent business management options. Inherent support for mobile app and acquiring integration utilizing QR code, NFC and all conventional technology to transact are baseline in offering. Build on a proven, robust, and reliable IRIS Platform, IRIS Money seamlessly integrates with existing infrastructure using ISO20022 or RESTful APIs, allowing banks and telecoms to significantly reduce time-to-market and achieve greater overall efficiency.