Dublin, April 28, 2025 (GLOBE NEWSWIRE) -- The "Oman Cards and Payments: Opportunities and Risks to 2028" report has been added to ResearchAndMarkets.com's offering.
The report provides detailed analysis of market trends in the Omanis cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including card, credit transfer, cash and cheques during the review-period (2020-24e).
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 (2024e-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report provides top-level market analysis, information and insights into Oman's cards and payments industry, including:
- Current and forecast values for each market in the Omanis cards and payments industry, including debit, credit and charge cards.
- Detailed insights into payment instruments including card, cash, credit transfer, and cheques. It also, includes an overview of the country's key alternative payment instruments.
- Ecommerce market analysis.
- Analysis of various market drivers and regulations governing the Omanis cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, and credit cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the Omanis cards and payments industry.
Key Highlights
- The increasing adoption of contactless POS terminals is catalyzing the use of payment cards. For example, in January 2024, the National Bank of Oman (NBO) collaborated with UnionPay International to introduce contactless mobile payments in the country. The NBO has equipped its payment terminals to accept UnionPay's contactless transactions; enabling cardholders to effortlessly utilize contactless cards, mobile banking applications, and mobile wallets, including Apple Pay.
- A significant factor contributing to the rise in the number of individuals with bank accounts is the implementation of the Wage Protection System. This system requires employers to disburse wages electronically through banks and authorized financial institutions, under the oversight of the Central Bank of Oman (CBO). The initiative aims to promote financial inclusion and stimulate the demand for banking products, such as bank accounts and payment cards. In response to this regulation, banks are offering basic payroll accounts. For instance, Bank Muscat provides a Salary Account that includes a complimentary debit card.
- The international alternative payment service Apple Pay was introduced in Oman in September 2024. This mobile payment solution allows users to conduct contactless payments in-store, as well as in-app and online. Users can add their cards to the wallet by scanning them with their phone camera or entering the details manually. To execute an in-store payment, users activate Touch ID with a double click of the home button and then bring their phone near the POS terminal. For online and in-app purchases, users choose Apple Pay at checkout and authenticate the transaction using Touch ID. In a similar vein, Samsung Pay commenced its services in Oman in April 2024, in collaboration with NBO and Muzn Islamic Banking; facilitating contactless in-store payments and supporting in-app and online transactions.
Key Topics Covered:
- Executive Summary
- Market Overview
- Payment Instruments
- Card-Based Payments
- Alternative Payments
- Payment Innovation
- Job Analysis
- Payment Infrastructure and Regulation
Company Coverage Includes:
- Bank Muscat
- Sohar International
- National Bank of Oman
- Bank Dhofar
- Oman Arab Bank
- AhliBank
- HSBC Bank
- Visa
- Mastercard
For more information about this report visit https://www.researchandmarkets.com/r/dq3kzr
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