{"id":40813,"date":"2025-09-24T14:32:09","date_gmt":"2025-09-24T14:32:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/40813\/"},"modified":"2025-09-24T14:32:09","modified_gmt":"2025-09-24T14:32:09","slug":"oman-sees-explosive-rise-in-instant-payment-solutions","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/40813\/","title":{"rendered":"Oman sees explosive rise in instant payment solutions"},"content":{"rendered":"<p>                    Muscat: The Sultanate of Oman is experiencing an explosive rise, driven by mobile and instant payment solutions, which also underscores the need for robust cybersecurity and regulatory safeguards to maintain the integrity of its financial system.<\/p>\n<p>According to the\u00a0Financial Stability Report 2025,\u00a0the Mobile Payments Clearing and Switching System (MPCSS) experienced the strongest growth among all systems, with volume surging by 318.6% and value increasing by 223.5%.<\/p>\n<p>The report said that the\u00a0rapid expansion of OmanNet and MPCSS indicates a significant transition to\u00a0cashless payments. This shift supports financial stability by reducing dependency\u00a0on physical cash and promoting efficient digital ecosystems. Along with ACH, both\u00a0systems are key enablers of digital transformation, supporting Oman\u2019s strategic push\u00a0toward digital financial services.<\/p>\n<p>Moreover, E-commerce transactions increased modestly by 1.5 percent, indicating\u00a0steady digital shopping activity. The total e-commerce transaction value reached\u00a0RO1.4 billion, reinforcing its continued importance in the digital economy. While\u00a0growth in this area was moderate, it reflects stability in online purchasing trends and\u00a0supports ongoing digital transformation efforts.<\/p>\n<p style=\"'text-align:left'\">Decline in ATM transactions<\/p>\n<p>ATM transactions experienced a decline in both usage and value. The total ATM\u00a0transaction value in 2024 was OMR 4.1 billion, with transaction volume decreasing\u00a0by 8.6 percent. This trend also reflects a move away from cash withdrawals toward\u00a0digital and contactless payment methods. The contraction in ATM usage is consistent with\u00a0efficiency for banks.\u00a0\u00a0<\/p>\n<p>This is also confirmed by the surge in Point of Sale (POS) transactions, which rose by 44.8percent, demonstrating strong consumer adoption of card-based and contactless\u00a0\u00a0payments at physical retail locations. The total POS transaction value reached RO\u00a03.4 billion in 2024, signaling rising digital readiness among retailers and increased\u00a0confidence of users in secure, traceable payment systems.<\/p>\n<p>                                                            <img decoding=\"async\" class=\"lazy\" bad-src=\"https:\/\/cdn4.premiumread.com\/?url=https:\/\/www.omanobserver.om\/omanobserver\/uploads\/images\/2025\/09\/24\/3137422.png&amp;w=30&amp;q=90&amp;f=jpg\" src=\"https:\/\/cdn4.premiumread.com\/?url=https:\/\/www.omanobserver.om\/omanobserver\/uploads\/images\/2025\/09\/24\/3137422.png&amp;w=840&amp;q=90&amp;f=jpg\" alt=\"No Image\" onerror=\"this.src=\" https:=\"\"\/><\/p>\n<p>Across all transaction types, the total number of transactions rose by 32.1 percent,\u00a0with an overall transaction value of RO8.9 billion. This substantial increase reflects\u00a0expanding usage of digital payment systems, improved financial access, and greater\u00a0economic participation. It also aligns with national objectives to enhance financial\u00a0stability through digital innovation, reduce cash reliance, and improve oversight\u00a0through traceable transactions.<\/p>\n<p>To sustain these gains, financial authorities should continue monitoring risks related\u00a0to fraud, cybersecurity, and digital inclusion while supporting fintech innovation and\u00a0regulatory improvements, the report said.<\/p>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"Muscat: The Sultanate of Oman is experiencing an explosive rise, driven by mobile and instant payment solutions, which&hellip;\n","protected":false},"author":2,"featured_media":40814,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[36876,78,30644,342,111,139,69,11532,4409,1436,29647,4520,145],"class_list":["post-40813","post","type-post","status-publish","format-standard","has-post-thumbnail","category-mobile","tag-explosive","tag-in","tag-instant","tag-mobile","tag-new-zealand","tag-newzealand","tag-nz","tag-oman","tag-payment","tag-rise","tag-sees","tag-solutions","tag-technology"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/40813","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=40813"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/40813\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/40814"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=40813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=40813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=40813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}