Oman has taken a significant step toward a cashless economy with the launch of Global Pay, a new digital payments application introduced by Global Money Exchange Co. LLC (GMEC). The platform is designed to enable fast, secure, and convenient digital transactions—even for users who do not have a traditional bank account.
The launch aligns with Oman’s broader digital transformation strategy and aims to expand access to financial services across all segments of society.
What Is Global Pay?
Global Pay is a mobile-based digital payments application that operates through a prepaid digital wallet rather than a bank account. Once registered, users receive a wallet within the app where funds can be stored and used for daily payments.
The platform is powered by Comviva’s mobiquity® Pay solution, a cloud-based payments technology widely used across global fintech ecosystems.
How Payments Work Without a Bank Account
Unlike traditional banking apps, Global Pay does not require users to open a bank account. Instead, payments are processed through a stored-value digital wallet.
Users can add money to their wallet by:
- Depositing cash at GMEC branches
- Receiving salary or remittance payments
- Transferring funds from another compatible wallet
Once funds are loaded, users can make payments via:
- QR code scanning at merchant locations
- Utility bill payments
- Mobile and internet recharges
- Education and service fees
All transactions are completed directly from the wallet balance.
A Model Similar to India’s RBI Digital Rupee
Industry observers note that Global Pay follows a model similar to India’s RBI-launched Digital Rupee (e-₹) in terms of user experience.
In both systems:
- A bank account is not mandatory
- Users operate through a digital wallet
- Payments are made directly from wallet balances
The key difference lies in issuance. While India’s Digital Rupee is a central bank digital currency, Global Pay functions as a regulated prepaid wallet operated by a licensed payment service provider.
About Global Money Exchange Co. LLC
Global Money Exchange Co. LLC (GMEC) is one of Oman’s established financial services companies.
- Founded in 2002
- Core services include foreign exchange, remittances, and payment solutions
- Among the first companies in Oman to receive a Payment Service Provider (PSP) license
With Global Pay, GMEC aims to extend digital financial access to individuals and small businesses traditionally dependent on cash.
Key Features of Global Pay
- No bank account required
- QR code-based payments
- Utility bill and fee payments
- Merchant payment acceptance
- PCI-DSS certified security standards
- Fully compliant with Central Bank of Oman regulations
Who Benefits the Most?
Global Pay is expected to benefit:
- Migrant workers
- Low-income earners
- Cash-dependent users
- Small merchants and retailers
- Individuals without access to traditional banking
The platform supports broader financial inclusion by bringing digital payments to underserved communities.
Impact on Oman’s Digital Economy
Experts believe platforms like Global Pay will:
- Reduce reliance on cash
- Increase transparency in transactions
- Support small businesses in adopting digital payments
- Accelerate Oman’s transition to a cashless economy
Outcome
Global Pay represents more than just a payment app—it marks a strategic shift in Oman’s digital payments landscape.
By enabling secure digital transactions without the need for bank accounts, the platform opens the door to wider financial participation and modern payment solutions.
In simple terms:
Global Pay is digital cash—accessible, secure, and inclusive.
Source: prnewswire
