OMEGA Payment Scheme
- OMEGA payment scheme is a payment network
linked to closed loop payment cards, such as
prepaid cards, gift cards, debit or credit cards,
for which a bank or any other eligible financial
institution can become a member. On becoming
a member of the OMEGA scheme, the member then gets the possibility to issue or acquire cards operating on the network of OMEGA
scheme.
- OMEGA closed loop payment scheme is a body that sets the rules and technical
standards for the execution of payment transactions using the payment systems. OMEGA
manages the day-to-day operations of the payment systems and processes and ensures any
regulatory requirements associated with the processing of closed loop payments are met.
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