Cards & Payments Market Gains Momentum in Oman, Informs Timetric in Its Cutting-edge Report Recently Added at MarketPublishers.com19 Sep 2016 • by Natalie Aster
LONDON – Nowadays, banks in Oman are increasingly offering their clients Sharia-compliant credit cards due to incredibly rising popularity of Sharia-compliant banking and payment services in the country. For instance, a slew of Sharia-compliant credit cards were issued by one of the Omani banks, Bank Nizwa, together with MasterCard in December 2015. And earlier in November 2014, a Sharia-compliant Visa credit card was launched by Al Hilal Islamic Banking Services. Holders of Sharia-compliant cards are offered manifold benefits.
In May 2014, the central bank of Oman issued an advisory note, requesting the local businesses and residents to switch to non-cash payments and enhance the use of Cash Deposit Machines (CDMs) and ATMs. These measures were aimed at increasing efficiency of the payment system by stimulating customers to use the existing infrastructure for different electronic transactions. The rising popularity of non-cash transactions is likely to propel the use of debit cards.
The central bank’s directive (issued in November 2015) provided non-banking financial companies (NBFCs) with an opportunity to issue white-labeled credit cards in collaboration with the Omani banks. This measure helps to serve those customers who don’t have access to formal financial institutions to obtain credit. This initiative is anticipated to become the credit card market growth driver.
Comprehensive research report “The Cards and Payments Industry in Oman: Emerging Trends and Opportunities to 2020” elaborated by Timetric delves deep into the Omani cards and payments market, focusing on demographic, infrastructural, economic and business drivers influencing the market.
The report provides a thorough analysis of strategic business decisions adopted by various banks and other financial institutions in the country, uncovers reliable data on historic, present and forecast performance of the country’s cards and payments market. Moreover, the current regulatory framework, main market development trends and key growth opportunities, drivers, challenges and limiters are examined in the research study. The report includes a detailed assessment of the Omani cards and payments market competitive scenario, reviews the market dynamics, covers governmental initiatives and also provides comprehensive forecasts through 2020.
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