Oman Cards and Payments Opportunities and Risks Report 2020-2024

Oman Cards and Payments Opportunities and Risks Report 2020-2024

The “Oman Cards and Payments – Opportunities and Risks to 2024” report has been added to ResearchAndMarkets.com’s offering.

The ‘Oman Cards and Payments – Opportunities and Risks to 2024’ report provides detailed analysis of market trends in Oman’s cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry including cards, direct debits, cheques, and credit transfers during the review-period (2016-20e).

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 (2020e-24f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

The report brings together the publisher’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.

This report provides top-level market analysis, information and insights into Oman’s cards and payments industry, including

  • Current and forecast values for each market in Oman’s cards and payments industry, including debit and credit cards.
  • Detailed insights into payment instruments including cards, direct debits, cheques, and credit transfers. 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 Oman’s cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.

Scope

  • To promote e-payments in the country – particularly mobile payments – in November 2019, the central bank introduced the Mobile Payments Clearing & Settlement System. This platform enables interoperability between different mobile banking and mobile wallet apps operated by banks and payment service providers. The platform enables users to make person-to-person, person-to-business, and person-to-government payments using mobile phone numbers and QR codes in real-time via mobile banking and wallet apps. The central bank has also published unified specifications for the platform, as well as a national QR code standard for enabling mobile payments through a single interface between different mobile banking and wallet apps.
  • Contactless payments are gaining prominence in Oman, with many leading banks now offering contactless cards to their customers. In September 2018 the National Bank of Oman (NBO) introduced Mastercard Titanium debit cards with contactless functionality. Most recently, in December 2019 Bank Sohar announced the introduction of contactless credit and debit cards. This followed Bank Muscat introducing contactless debit and credit cards in the country in June 2019. The coronavirus outbreak has provided a boost to contactless payments. The Central Bank of Oman (CBO) is urging consumers to use contactless payments as an alternative to cash. In response to growing demand, in April 2020 Mastercard increased the contactless payment limit without a PIN from OMR20 ($52.02) to OMR30 ($78.02).
  • With the growing preference for electronic payments, banks are launching e-commerce payment gateways for the smooth functioning of online transactions and to reduce online fraud. In July 2020, Oman Air launched an e-commerce payment gateway in collaboration with Bank Dhofar. The gateway enables Oman Air customers to pay for online flight tickets conveniently and securely. Meanwhile, in July 2020 the CBO established a dedicated agency to manage Oman’s national payment system.

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.

Key Topics Covered:

  1. Payment Instruments
  2. Card-based Payments
  3. E-commerce Payments
  4. Alternative Payments
  5. Payment Innovations
  6. Payments Infrastructure & Regulation
  7. Appendix

Companies Mentioned

  • Bank Dhofar
  • Bank Muscat
  • Bank Sohar
  • HSBC
  • Mastercard
  • NBO
  • Visa
  • Pay+
  • PayPal
  • bm Wallet
  • Thawani Pay
  • eWallet App
  • CASHU
  • Fortumo
  • eFloos

For more information about this report visit https://www.researchandmarkets.com/r/crbjpm

View source version on businesswire.com: https://www.businesswire.com/news/home/20200915005888/en/

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