Over 1,100 firms violated cashless payment regulation in 2023

Over 1,100 firms violated cashless payment regulation in 2023

MoCIIP conducted an inspection campaign in 2023 covering 4,911 commercial establishments to enforce adoption of electronic payment systems.Muscat – The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) conducted an inspection campaign in 2023 covering 4,911 commercial establishments to enforce the adoption of electronic payment systems. The ministry found 1,183 of these businesses non-compliant with the mandatory electronic payment regulations.

This enforcement drive aligns with MoCIIP’s regulations  – effective from January 1, 2022 – mandating electronic payment options in commercial activities. An official from MoCIIP elaborated on the ministry’s rigorous approach to ensure widespread availability of electronic payment devices across various sectors.

The official emphasised the ministry’s directive requiring all institutions and companies to integrate electronic payment services in their stores and outlets. This exercise, in collaboration with banks and payment service providers, encompasses a wide range of activities. It includes industrial areas, commercial centres, gift markets, food sales outlets, gold and silver shops, restaurants, cafes, fruit and vegetable vendors, building materials suppliers and tobacco retailers, besides transactions for electronic items.

Central Bank of Oman, in coordination with banks and service providers, has facilitated this transition by providing point-of-sale devices to merchants at no installation or annual fees. Only the transaction fees set