Visa Confers Achievement Award to BankDhofar
- Visa Confers Achievement Award to BankDhofar
BankDhofar, Oman's leading financial institution, has been honored by Visa with an award for its outstanding achievement in enabling Visa’s Tap-to-Phone technology, commonly known as SoftPOS.
BankDhofar's dedication to implementing and promoting this innovative solution has not only enhanced the digital payment landscape in Oman but has also empowered local businesses to thrive in an increasingly digital economy.
Soft POS, or Software Point of Sale, is a paradigm shift in the way merchants handle transactions. Unlike traditional POS systems that rely on dedicated hardware, Soft POS leverages software applications running on android smartphones there by eliminating operational costs to the merchants. Any android smartphone can be used as a payment terminal and customers can get their receipts via an SMS reducing Carbon footprint.
The solution gives businesses access to a host of added benefits that include contactless cards; 24/7 access to history, statements and reconciliations; direct push notifications for alerts, web links and in-history adverts; integration with loyalty by facilitating coupons and point redemption; pre-transaction controls on the amount, frequency, and time restrictions; chargeback resolutions by flagging transactions; and assistance with calculating and recording taxes as well as tip amounts with transactions.
Bilal Faiz Muhammad Al Raiisi, AGM - Cards & Bancassurance at BankDhofar, expressed the institution's delight in being honored with an award from Visa. This accolade recognizes BankDhofar's dedication to fostering digital adoption in harmony with Oman Vision 2040. The bank's Soft POS solutions have seen widespread acceptance among a diverse range of merchants, including home-based businesses, delivery services, gas delivery agents and taxi drivers, “This award underscores our ongoing commitment to deliver innovative, convenient, and secure payment options that address the changing needs of our clients and play a pivotal role in the economic development of Oman".
Manish Gautam, Visa’s Country Manager for Oman, said: "According to Visa’s recent Value of Acceptance survey, 65% of small businesses in Oman have reported an increase in both revenue and customer traffic since they began accepting digital payments. This highlights the significant impact that acceptance solutions like Visa's Tap to Phone can have on business growth and competitiveness. We are therefore delighted to recognize BankDhofar's efforts in bringing Tap to Phone to local businesses and driving the digital transformation of Oman’s retail sector."
This accolade reinforces the bank's position as a customer focused bank in the digital banking landscape and underscores its dedication to providing innovative and convenient banking experiences to its customers. The Bank has a nationwide branch network of more than 118 branches and 340 ATM’s/MFK’S/CDM’S.
About Visa
Visa: is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at About Visa, visamiddleeast.com/blog and @Visamiddleeast.
About BankDhofar
BankDhofar is a leading financial institution based in the Sultanate of Oman, offering a comprehensive range of banking products and services tailored to meet the diverse needs of individuals, businesses, and communities. Launched in 1991, BankDhofar is renowned for its commitment to excellence, innovation, and customer satisfaction. Our mission is to empower our customers to achieve their financial goals through personalized solutions, service excellence and intuitive technology. With a team of experienced professionals and a culture of continuous improvement, BankDhofar remains at the forefront of Oman's banking sector, driving growth, prosperity, and financial inclusion across the communities.
