From Jan 1, 2022, Oman will be making it mandatory for all merchants to accept only cashless payments.
All across the Sultanate of Oman, commercial enterprises and merchants will have to offer cashless payments options for goods and services. To support the provision of cashless payment options, the Central Bank of Oman (CBO), in coordination with payment services and other banks, will not charge for installing point of sale devices (POS) or levy any monthly or annual fees on the same. However, merchant service fees which are due to the CBO will be applicable.
The Omani Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) with the intent to digitalize business monetary transactions decided to order this transition. MoCIIP is making this move as part of a plan to minimize the amount of cash circulating in Oman. The move is being undertaken to give a mega boost to the digitalization of the economy, as planned under Oman Vision 2040.
Digital payments are quick, safe, easy, and convenient. Going cashless will not only be uber convenient but will also aid in authenticating monetary transactions. Digital transactions can help curb the flow of black money and corruption. The expenditure incurred for printing and transporting currency notes can be done away with.
The first phase of this operation will cover all the activities of shopping complexes, industrial areas, commercial establishments, companies involved in the sale of food, gift stores, jewelers, fruit and vegetable shops, restaurants and cafes, electronics stores, tobacconists, and shops selling construction materials.
Several mobile phone operators and banks have digital payment services already in place. Mobile wallets help customers add money into their accounts, and can be used to pay for several different everyday essentials, as well as to pay digitally for utilities such as electricity, rent, water, internet, and any other fees. Mobile wallets help to receive payments with ease from others and also help to send money digitally to others.
Digitalization is a trend the entire world is moving towards and, the Covid-19 pandemic only accelerated it. People are becoming more and more uncomfortable using paper money touched by many.
