Muscat, May 9th 2016 – As part of its efforts to grant businesses of all sizes greater control and convenience when making work related payments, Oman Arab Bank (OAB) recently introduced the OAB Visa SMART Commercial Card. Efficient and secure, the cards are designed to reduce administrative costs and simplify the purchase-to-pay process while giving companies enhanced capabilities when managing their business transactions.
The SMART Commercial Card, which can be used at any location in the Sultanate, also allows companies to easily monitor costs and set spending restrictions with certain suppliers of their choice. Limits can be set on a per transaction, daily, or monthly basis while cash advances and restrictions on authorizations can be fixed with utmost ease. Furthermore, the OAB Visa SMART Commercial Cards utilize the Verified-by-Visa service for added online security and are equipped with EMV chip technology, preventing unauthorised use.
Fahd Amjad, General Manager Retail Banking at Oman Arab Bank, said, “The new OAB Visa SMART Commercial Card are secure, efficient and uncomplicated, providing organizations with the perfect tool to streamline their purchasing and procurement practices. Companies can choose to restrict payments to any merchant they choose, whether online or offline, by implementing a variety of controls as well as having the ability to monitor the cardholder’s activity.”
He added, “The introduction of this service is part and parcel of Oman Arab Bank’s commitment to offer innovative products and solutions that empower customers to manage and enhance their finances.”
Ahmed Gaber, Visa General Manager for Oman, Kingdom of Saudi Arabia, Kuwait, and Bahrain, said, “We are delighted to partner with Oman Arab Bank in launching the OAB Visa SMART Commercial Card and bringing innovative digital payment services to cardholders in Oman. As a global payments technology company, Visa is committed to leading the development of online payment options at a time when more and more consumers in Oman and other parts of the Middle East are switching to cards from cash, both while purchasing online and in person. The partnership with Oman Arab Bank reinforces Visa’s commitment to create a safe payment network that enhances cardholder security while giving consumers an easy and efficient way to manage their finances.”
Oman Arab Bank pioneered the electronic payments business for paying government fees in the Sultanate of Oman when it launched the OAB SmartCard in 2002. The SmartCard, which was used exclusively to pay government fees, remains a favourite amongst corporates until this day and complements the Bank’s newly revealed Visa SMART Commercial Card, which offers enhanced convenience, flexibility, reliability, acceptance and security.