Rapid Growth in Digital Payment Transactions in Oman: Key Opportunities for Investors and Business Owners
MUSCAT, NOV 16 — Oman’s payment ecosystem experienced rapid transformation in 2024, driven by new digital channels, regulatory improvements, and a marked shift in consumer preference towards cashless transactions. The Central Bank of Oman’s Annual Report 2024 highlights substantial growth across nearly all major payment systems, reflecting the country’s swift move toward a digital financial environment.
The Mobile Payment Clearing Switch System led this growth, with transaction volumes soaring to 169.5 million in 2024, up from 40.6 million in 2023. The total value of these mobile transactions surged to RO 5.56 billion, compared to RO 1.72 billion the previous year, demonstrating widespread adoption of mobile-based transfers and merchant payments throughout Oman.
The OmanNet Switch, which facilitates card and point-of-sale transactions nationwide, also saw significant expansion. Transaction volume increased to 432.9 million in 2024 from 329.5 million in 2023, with the total transaction value reaching RO 6.88 billion. This growth underscores ongoing investments in digital infrastructure and the rising preference for card and contactless payments.
Traditional banking payment systems showed steady progress as well. The Automated Clearing House (ACH), used for salary and recurring payments, processed 31.7 million transactions valued at RO 15.9 billion, a rise from 21.8 million transactions in 2023. Additionally, the Real-Time Gross Settlement (RTGS) system, which handles large-value transfers, recorded a transaction value of RO 240.5 billion, marking continued robust activity in wholesale payments.
Electronic cheque clearing remained relatively stable, with 3.7 million cheques processed, amounting to over RO 10.2 billion. This reflects the gradual transition away from paper-based transactions.
The Central Bank of Oman emphasizes that the strong performance across all payment systems results from sustained regulatory and technological initiatives aimed at encouraging financial innovation, reducing cash dependency, and fostering an integrated digital financial ecosystem. These efforts align with Oman Vision 2040, which prioritizes the development of modern, efficient, and secure financial infrastructure to support economic growth.
With rapid digital adoption and new platforms gaining popularity among consumers and businesses, Oman’s payments landscape is poised for further expansion. This positions the Sultanate as a regional leader in secure and innovative financial services.
Special Analysis by Omanet | Navigate Oman’s Market
Oman’s rapid shift to a digital payment ecosystem, highlighted by a nearly fourfold increase in mobile transactions, presents significant opportunities for businesses to optimize cashless sales and reduce transaction costs. However, this acceleration also demands robust cybersecurity and compliance investments to mitigate fraud and regulatory risks. Smart investors and entrepreneurs should capitalize on the government’s strong digital infrastructure push and growing consumer acceptance to innovate fintech solutions aligned with Oman Vision 2040.
