Digital payments: Oman retailers see increase in revenue

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According to the study, 65% of Oman retail merchants claimed increased revenue and higher customer footfall from accepting digital payments.

Muscat Visa has unveiled the results of an independent study titled 'Value of Acceptance', which explores merchants’ attitudes towards digital payments and the impact of digital commerce on small businesses and retailers in Oman.

According to the study, 65% of Oman retail merchants claimed increased revenue and higher customer footfall from accepting digital payments.

The survey gathered insights from two groups of Oman-based merchants - those who have accepted digital payments for 1-4 years, and retailers who exclusively deal in cash transactions. The top five store types represented in the survey sample include quick service restaurants, mobile shops, cafes, beauty salons/barber shops, and fashion/shoe stores with sizes including nano (2 or fewer employees), micro (3-10 employees) and small (11-49 employees) businesses.

According to the study, digital payments, and cash together account for over 95% of payments accepted among surveyed digital payment-accepting small businesses, with an equal proportion coming from both payment methods.

As a result, 41 percent of cash-only merchants surveyed may or will invest soon in digital payment technology so they can begin to offer consumers a better payment experience.\Forty percent (40%) of these merchants expect increased footfall and revenue after they start accepting digital payments.

Manish Gautam, Visa’s Country Manager for Oman, said, “As Oman forges ahead with its digital commerce agenda, our 'Value of Acceptance' study underscores the transformative power of digital payments for Oman’s retail sector. There remains significant opportunity in Oman for digital commerce and we will continue to work with our local partners to support the government’s cashless agenda for the benefit of small businesses and the wider economy.”

Gautam added: “Beyond the benefits of security, speed, and convenience, digital payments also provide invaluable data insights. With more consumers turning to digital payments, merchants can use data to tailor client communication with relevant offers, implement loyalty programs, and enhance the overall customer experience. This is vital information that can increase business profitability and efficiency.”