Lebanon Businessnews News

Standard e-payment
mobile app takes off
Spearheaded by CSC Bank, in partnership
with 14 banks, CashUnited, and LibanPost
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CSCBank SAL (CSC), which provides card and electronic payment services to the banking sector, has launched a Smartphone application, named CMO, for financial transactions.

“This is the first time that a common mobile app is launched in partnership with 14 local banks and we anticipate that more banks will join later,” said Marwan Kaddoura Chairman of CSC.

CSC is in talks to market the CMO app in Jordan and Afghanistan and has plans to enter the Syrian and Yemeni markets, when the security situation in these countries improves, Kaddoura said. The app has been designed and developed by CSC and is licensed by the Central Bank (BDL). CSC is the only bank in Lebanon and the region specialized in e-banking, he said.

App users may make payment transactions locally and abroad using their accounts at participating banks. The app allows users to perform person-to-merchant and person-to-person payments as well as MoneyGram transfers, cardless ATM withdrawals, and payments for the recharge of mobile and Internet cards.

CashUnited, as the authorized agent for MoneyGram, provides money transfer services through the app, said Khalil Daoud Chairman of LibanPost and CashUnited. CMO users do not have to go in person to CashUnited premises to perform their transactions, they may simply use their Smartphones, Daoud said. CSC has also concluded a contract with LibanPost to use its services on the CMO app, he said. LibanPost services such as payments of traffic fines and of mobile and Internet recharge cards will be gradually incorporated into the app. Daoud said they will add more services to the CMO later on.

BDL will carry out, by June or July, training sessions for the Payment System for Government Transactions (PayGov), which is an electronic payment system for public sector entities, said Ali Nahleh Senior Executive Director of the Information Technology Department at BDL. This electronic network is connected to BDL and local banks. BDL and the Association of Banks (ABL) had worked together to advance the electronic payment system and had developed the Real Time Gross Settlement System and the BDL Retail Payment and Clearing System, which are already applied, Nahleh said.
Reported by Shikrallah Nakhoul
Date Posted: Feb 12, 2016
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