Muscat: In Oman’s payment ecosystem, debit cards have established themselves as the leading option, representing an impressive 93% of all newly issued cards in 2023.
The 2023 National Payments System Annual Report from the Central Bank of Oman (CBO) reveals that, based on data from Payment Service Providers (PSPs) and banks, a total of 1,328,694 cards were issued across different categories, with debit cards dominating the market.
A total of 1,275,475 debit cards were issued in 2023, highlighting consumers' strong preference for the convenience and accessibility that debit payments offer.
These cards are integral to daily transactions, enjoying widespread acceptance and becoming the preferred choice for many Omanis.
In contrast, credit cards saw the issuance of 58,994 new cards, which accounts for 4% of the overall market share. Although they are less prevalent than debit cards, credit cards cater to a specific segment of consumers looking for enhanced financial flexibility, rewards, and benefits provided by various banks.
Prepaid cards also retained their market presence, with 42,148 new cards issued, constituting 3% of the total. These cards are often utilized for particular purposes, such as fuel purchases and online shopping, offering a secure and convenient alternative for cashless transactions.
Electronic wallets are increasingly popular, with 11,077 new wallets created over the past year. This trend towards digital payments highlights a rising consumer preference for more convenient and accessible financial options. The use of e-wallets is anticipated to grow further as more individuals adopt them for various transactions, including online shopping and utility bill payments.
The overall increase in digital and card-based payment methods indicates a significant shift in consumer behavior, with Omani citizens and residents showing a preference for secure and user-friendly payment solutions.
As banks and payment service providers (PSPs) innovate and roll out new features, the Central Bank of Oman (CBO) is actively supporting the development of this digital payment landscape, facilitating the ongoing advancement of the nation’s financial services.
