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Oman’s Bank Dhofar With Ripple’s Tech is Live On ‘Mobile Banking’ For Cross-Border Payment

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The latest tweet from Oman’s second-largest bank, Bank Dofhar reveals the launch of ‘mobile banking application’ on RippleNet. Consequent to the announcement, cross-border transactions can be possible via its mobile application.

Navin Gupta, Managing Director of Ripple for South Asia and MENA took to Twitter, stating that ‘the BankDhofar is live on RippleNet’. He says that;

“Congratulations! to Bank Dhofar – Live on Ripplenet. Now Non-Resident Indians (NRIs) living in Oman can App money back home in real-time.

According to the announcement, Bank of Dhofar is the first bank in the Sultanate and in the region to offer ‘international transfer via mobile application’. In fact, it has also revealed that they tested the system with India successfully and as such Non-Resident Indians(NRIs) can now transfer money to India in just two minutes.

BankDhofar mobile banking application helps customers save time as well as money. Back in April last year, Bank Dhofar has formed the partnership with Ripple to employ its banking product, RippleNet. Dr. Tariq Taha who is the chief information officer of BankDhofar state that;

“With this, we can provide instant, friction less and secure cross-border money transfers within seconds, with end-to-end visibility over the journey of the payment.”

Addressing how BankDhofar’s Ripple based mobile app is solving the existing issues of banks and other fintechs, the announcement notes;

“Ripple’s leading blockchain solution for cross-border payments, including its bi-directional messaging and instant settlement features, enables Bank of Dhofar to save customers’ time when sending payments overseas, using BankDhofar mobile banking app.”

So what’s your stake on BankDhofar’s mobile application? Will it be a new revolution in mobile banking? share your opinion with us 

Tabassum is an enthusiastic author, web geek, writer & digital marketer, with experience writing for tech, digital and cryptocurrency blogs.

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