BankDhofar introduces new NFC-enabled device to Oman
BankDhofar, one of the leading finan
cial institutions in the Sultanate of Oman, has launched a new NFC point of sale device. Mobile commerce has been growing in popularity in Oman, as well as in other countries in the Middle Eastern region. Economic growth is causing an incline in smart phone penetration, allowing more consumers to purchase high-tech mobile devices. As these devices become more popular, the demand for mobile commerce and other such services is on the rise.
Device uses NFC technology to process transactions
The new point of sale device from BankDhofar is designed specifically for merchants. The device incorporates NFC technology and the latest General Packet Radio Service communications technology to allow merchants to process mobile transactions. BankDhofar notes that the device’s NFC point of sale capabilities, in particular, will make the payment process for merchants and consumers much more efficient. The device will also make currency conversion a more straightforward process, a feature that may be well received by tourists.
Scarcity of NFC devices may limit reach of mobile commerce
Like others of its kind, the new device from BankDhofar can only be used with NFC-enabled mobile devices. These devices are currently rare, especially in the Middle East. As such, the reach of mobile commerce is somewhat limited in Oman until telecommunications can begin launching new generations of smart phones and mobile devices that make use of NFC technology. These companies are responding to demand coming from consumers, but the integration of NFC technology into a mobile device has proven to be a complicated issue. Security concerns have lead many companies to either abandon the technology, look for alternatives, or figure out ways to make mobile commerce safer for consumers, thus delaying the release of NFC-enabled devices.
BankDhofar predicts growing popularity of mobile commerce
Despite the low availability of NFC-enabled devices, BankDhofar believes that its new point of sale device will be a major boon to the retail industry of Oman. Merchants throughout the country have already shown a great deal of interest in the devices, and this interest is expected to increase well into the future, especially as mobile commerce becomes more common.
bile commerce startup based in Florida, attracted attention last month when it announced it was working to bring NFC technology to the iOS platform. Earlier this year, rumors suggested that Apple’s new iPhone 5 would be equipped with NFC technology that would allow consumers to participate in mobile commerce. This was not the case, and Apple has been harshly criticized for its decision to abandon NFC technology. This has, however, created an opportunity for companies like Flomio to bring the technology to the platf0orm.