Oman Cards and Payments - Opportunities and Risks to 2026

Oman Cards and Payments - Opportunities and Risks to 2026

Summary

GlobalData’s ‘Oman Cards and Payments - Opportunities and Risks to 2026' report provides detailed analysis of market trends in the Omani cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, and cheques during the review-period (2018-22e).

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 (2022e-26f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s 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.

The 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, credit transfers, 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 Omani 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 Omani cards and payments industry.

Scope

• 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 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.
• To spur financial-awareness and expand the use of debit cards, in March 2021, Bank Muscat launched its Floosi Account for young individuals aged 15−17. The Floosi debit card comes with a daily transaction limit of OMR50 ($130.04) and a monthly limit of OMR200 ($520.16) for POS and ecommerce transactions as well as ATM cash withdrawals. Floosi accounts can be converted to Shababi accounts when the account holder reaches 18 years of age. Moreover, in September 2022, the National Bank of Oman (NBO) launched Children Account, which comes with a fee-free debit card. Account holders also receive discounts on educational-, entertainment-, and fitness-related products/services at partner merchants.
• Various initiatives have helped boost ecommerce in Oman. In February 2022, the Public Establishment for Industrial Estates (also known as Madayn) launched an ecommerce platform called Souq Madayn. The platform allows retailers to sell products manufactured in Oman online both domestically and internationally. Meanwhile, to capitalize on strong ecommerce growth, retail brands are expanding their online reach in Oman. In May 2021, Oman-based online retailer Jazp.com partnered with Spotii (a provider of buy now pay later services) to enable its customers to make payments in interest-free monthly installments.

Reasons to Buy

The report provides top-level market analysis, information and insights into the Omani cards and payments industry, including -

• 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 Omanis 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.