Oman Cards and Payments – Opportunities and Risks to 2026

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Oman Cards and Payments Market Report Overview

The Oman cards and payments market size was valued at $12.0 billion in 2022 and is expected to achieve a CAGR of more than 14% during 2022-2026. Oman is observing an increase in the use of electronic payment methods such as card-based payments. This can be attributed to the combined efforts of the government and financial institutions to boost financial awareness, improve the country’s payment infrastructure, and expand the use of payment card acceptance systems among retailers.

The Oman cards and payments market research report provides a detailed analysis of market trends in the Oman cards and payments industry. The report provides values and volumes for several key performance indicators in the industry, including cash, cards, credit transfers, and cheques during the review period. It 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. Moreover, it offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Oman Cards and Payments Market Outlook, 2022-2026 ($ Billion)

Oman Cards and Payments Market Outlook, 2022-2026 ($ Billion)

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Oman Cards and Payments Market Dynamics

To drive digital payments in the country and reduce the dependence on cash, Bank Muscat in August 2022 rolled out a QR code payment acceptance service to merchants, enabling them to accept electronic payments from customers. Consumers holding any mobile wallet can make payments by simply scanning the merchant’s QR code. QR-code payments are based on the Central Bank of Oman’s Mobile Payment System (MPS), which also allows consumers to make payments, transfer funds, or request funds from others.

Moreover, various initiatives have helped boost e-commerce in Oman. In February 2022, the Public Establishment for Industrial Estates (also known as Madayn) launched an e-commerce platform called Souq Madayn. The platform allows retailers to sell products manufactured in Oman online both domestically and internationally. Meanwhile, to capitalize on strong e-commerce growth, retail brands are also expanding their online reach in Oman.

Oman Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Oman cards and payments market are cash, cards, credit transfers, and cheques. Cash is widely used in Oman for day-to-day transactions. In 2022, cash was the major payment instrument followed by cards and credit transfers. However, the use of cash is gradually declining as consumers shift to electronic methods. The onset of COVID-19 has further accelerated this trend.

Oman Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

Oman Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

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Oman Cards and Payments Market Segments

The key segments in the Oman cards and payments market are card-based payments, e-commerce payments, and alternative payments.

Oman Cards and Payments Market - Competitive Landscape

Some of the leading players in the Oman cards and payments market are the Central Bank of Oman, Bank Muscat, HSBC Oman, National Bank of Oman, Bank Dhofar, Visa, Mastercard, pay+, eFloos, and eWallet.

Oman Cards and Payments Market Report Overview

Market Size (2022) $12.0 billion
CAGR >14%
Forecast Period 2022-2026
Historical Period 2018-2021
Key Payment Instruments Cash, Cards, Credit Transfers, and Cheques
Key Segments Card-Based Payments, E-Commerce Payments, and Alternative Payments
Leading Players Central Bank of Oman, Bank Muscat, HSBC Oman, National Bank of Oman, Bank Dhofar, Visa, Mastercard, pay+, eFloos, and eWallet

Segments Covered in the Report 

Oman Cards and Payments Instruments Outlook (Value, $ Billion, 2018-2026)

  • Cash
  • Cards
  • Credit Transfers
  • Cheques

Oman Cards and Payments Market Segments Outlook (Value, $ Billion, 2018-2026)

  • Card-Based Payments
  • E-Commerce Payments
  • Alternative Payments

Scope

This report provides:

  • Current and forecast values for each market in the Oman cards and payments industry, including debit, credit, and charge cards.
  • Detailed insights into payment instruments including cash, cards, credit transfers, and cheques. 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 Oman cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of Oman’s cards and payments industry.

Reasons to Buy

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

Bank Muscat
National Bank of Oman
Bank Dhofar
Bank Sohar
Oman Arab Bank
HSBC Bank
AhliBank
Visa
Mastercard
American Express
PayPal
Click to Pay
Thawani Pay
Pay+

Table of Contents

Table of Contents

Executive Summary

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

Alternative Payments

Payment Innovations

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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