Banks Set to Launch Maal Card: What This Means for Your Business and Financial Transactions in Oman
Muscat: Major banks in Oman have announced plans to introduce the Maal debit and credit cards, a new national payment card initiative led by the Central Bank of Oman.
The Maal card, developed in collaboration with six local banks, is designed to enhance the Sultanate’s national payments system and promote financial infrastructure independence. Bank Muscat, Sohar International, and Bank Dhofar have confirmed their intention to offer the Maal-branded cards, although specific launch dates have yet to be disclosed.
Ali Al Jabri, Vice President of Payment Systems Technology at the Central Bank of Oman, highlighted key benefits of the Maal card, emphasizing that it will be free for customers, with no issuance or renewal fees, and will offer competitive, reduced fees for merchants and government entities. Additionally, the card is expected to lower costs and improve data security for users.
Experts note that local banks currently issue cards using international network technologies. The introduction of the Maal card aims to reduce costs for customers while providing a range of products including debit, payment, prepaid, and credit cards.
The Central Bank of Oman has also revealed the brand identity for this national payment card, officially named "Maal," marking a significant step toward strengthening Oman’s financial ecosystem.
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The launch of the Maal debit and credit cards by major Omani banks signals a strategic shift toward financial sovereignty and cost efficiency in Oman’s payment ecosystem. For businesses, this creates opportunities to lower transaction costs and enhance data security, while investors and entrepreneurs should consider positioning themselves in areas like digital payment solutions and merchant services that align with this new, locally governed payment infrastructure.
