MUSCAT - Oman’s payment ecosystem continued its rapid transformation in 2024, supported by new digital channels, regulatory enhancements and a significant shift in consumer behaviour towards cashless transactions. According to the Central Bank of Oman’s Annual Report 2024, nearly all major payment systems recorded substantial growth, underscoring the country’s accelerating shift towards a digital financial environment.

The Mobile Payment Clearing Switch System delivered the strongest performance, with the number of transactions soaring to 169.5 million in 2024, compared to 40.6 million the year before. The total value of mobile payment transactions also climbed sharply, reaching RO 5.56 billion, up from RO 1.72 billion in 2023 — highlighting the widespread adoption of mobile-based transfers and merchant payments across the Sultanate of Oman.

The OmanNet Switch, which powers card and point-of-sale transactions nationwide, also saw significant expansion. Transaction volumes rose to 432.9 million in 2024, compared with 329.5 million in 2023, while the total value of transactions reached RO 6.88 billion. The growth reflects continued investment in digital infrastructure and the rising preference for card and contactless payments.

Clearing systems supporting traditional banking services also posted steady gains. The Automated Clearing House (ACH), used for salary transfers and recurring payments, processed 31.7 million transactions valued at RO 15.9 billion, up from 21.8 million transactions in 2023. Meanwhile, the Real-Time Gross Settlement (RTGS) system — which handles large-value transfers — recorded a transaction value of RO 240.5 billion, marking another year of strong wholesale payment activity.

Electronic cheque clearing remained broadly stable, with 3.7 million cheques processed and a total value exceeding RO 10.2 billion, reflecting the gradual but ongoing shift away from paper-based transactions.

The CBO report emphasises that the strong performance across payment systems is a direct outcome of ongoing regulatory and technological initiatives aimed at promoting financial innovation, reducing cash dependency and building an integrated digital financial ecosystem. These efforts align with Oman Vision 2040, which prioritises modern, efficient and secure financial infrastructure to support economic growth.

With digital adoption accelerating and new platforms gaining traction across consumer and business segments, Oman’s payments landscape is set for further expansion in the coming years — positioning the Sultanate of Oman as a regional leader in secure and innovative financial services.

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