Oman to make it mandatory for all merchants to accept cashless payments

Central Bank of Oman facade
CASHLESS SUPPORT: The Central Bank of Oman is not charging for POS installation or monthly fees

All merchants and other commercial enterprises across the Sultanate of Oman will be obligated to offer customers the option of making cashless payments for goods and services from 1 January 2022.

The Omani Ministry of Commerce, Industry and Investment Promotion (MoCIIP) is making the acceptance of cash-free payments mandatory as part of a plan to reduce the amount of cash circulating in the country.

“The first phase of rolling out cashless payment options will cover all activities in industrial areas, shopping complexes, commercial establishments, gift stores, companies involved in the sale of food, jewellers, restaurants and cafes, fruit and vegetable shops, electronics stores, shops selling construction materials, and tobacconists,” Times of Oman reports.

MoCIIP also stated that, in order to support the provision of cashless payment options, “the Central Bank of Oman, in coordination with other banks and payment service providers, has issued point of sale devices for merchants, without any need for an installation fee, or any monthly and/or annual charged for the same,” the publication says.

“However, merchant service fees due to the Central Bank of Oman will be applicable.”

Next: Visit the NFCW Expo to find new suppliers and access free resources