Oman Cards and Payments - Opportunities and Risks to 2025

Oman Cards and Payments - Opportunities and Risks to 2025

Summary
‘Oman Cards and Payments - Opportunities and Risks to 2025’ report provides detailed analysis of market trends in the Omani cards and payments industry. It provides values and volumes for key performance indicators in the industry, including cash, cards, direct debits, cheques and credit transfers during the review-period (2017-21e).The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2021e-25f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

’Oman Cards and Payments: Opportunities and Risks to 2025’ report provides top-level market analysis, information and insights into the Omani cards and payments industry, including -
- Current and forecast values for each market in the Omani cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including cash, cards, direct debits, cheques and credit transfers. It also includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the Omani cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
- The competitive landscape of the Omani cards and payments industry.

Scope
- To boost cashless payments, in July 2021, Oman’s Ministry of Commerce, Industry and Investment Promotion mandated that all commercial transactions at select stores and business establishments such as shopping malls, cafes and restaurants, grocery stores, commercial centers, and gift markets must be conducted via cashless methods of payment with effect from January 2022. These stores need to enable cashless payment services in the form of card readers, POS terminals, and other facilities. In order to implement this without imposing any cost burdens on retailers, the ministry is working with the CBO to ensure that the required hardware facilities are provided to retailers by local banks. Additionally, the Central Bank of Oman (CBO) will regulate the merchant fee for electronic transactions, which must not exceed 1.5% of card transactions and 0.75% of mobile wallet transactions. This scheme is part of the Oman Vision 2040 initiative.
- The COVID-19 pandemic has changed payment habits, with consumers increasingly favoring contactless methods of payment. To capitalize on the growing use of cashless payment methods and boost the acceptance of mobile payments in the country, in January 2021, National Bank of Oman introduced QR code payment acceptance to 6,500 POS terminals across the country. In May 2021, Bank Muscat introduced QR code payments to all of its POS machines at retail stores across the country. As a result, the volume, value, and frequency of card-based transactions are all anticipated to increase further over the forecast period.
- To drive digital payments in the country and reduce the dependence on cash, from November 2020 the government of Muscat removed parking meters from several localities in Muscat and instead mandated payments of parking fees via electronic methods. Fees can be paid via text message, the Baladiyati app, and the Muscat Municipality website. To pay via text message, consumers send an SMS with their vehicle number, code, and the required parking time in minutes (multiples of 30 and a maximum of 300). Additionally, the Baladiyati app for smartphones as well as the Muscat Municipality website can be used to obtain parking permits for individual vehicles. Users can also renew permits, pay fines, and enquire about pending fines.

Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Omani cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Omani cards and payments industry.
- Assess the competitive dynamics in the Omani cards and payments industry.
- Gain insights into marketing strategies used for various card types in Oman.
- Gain insights into key regulations governing the Omani cards and payments industry.