Cashless transactions mandatory at key outlets in Oman from January 1

Cashless transactions mandatory at key outlets in Oman from January 1

The Ministry noted that it is working with the Central Bank of Oman (CBO) to ensure that the requisite hardware and facilities required by commercial outlets are provided by local banks and service providers without imposing any cost burden on the business community. Fees for electronic transactions will be regulated by the Central Bank and must not exceed 1.5 per cent of the billed amount where payment is made by credit card. Fees levied on payments made by mobile wallets will be limited to a maximum of 0.75 per cent. The measure is seen as a big boost to Oman's rapidly growing epayments and fintech sector, which has capitalised on the burgeoning e-commerce industry to gain traction in the local market. The apex bank, for its part, has been working on the formulation of a robust and comprehensive strategy to support the growth and adoption of financial technology (fintech) services in the Sultanate. Oman's fintech strategy, according to the Central Bank, has the potential to fuel, among other things, the roll-out of innovative banking and financial products, promote venture capitalism, drive entrepreneurship and employment generation, and spur economic development in general. The CBO's fintech strategy is aimed at establishing a