Debit cards shape Oman’s payment landscape in 2023

Muscat: Debit cards have emerged as the dominant force in Oman’s payment landscape, accounting for a remarkable 93% of all newly issued cards in 2023.

According to the 2023 Central Bank of Oman (CBO) National Payments System Annual Report, data from Payment Service Providers (PSPs) and banks, a total of 1,328,694 cards were issued across various categories, with debit cards firmly holding the largest share.

In 2023, 1,275,475 debit cards were issued, reflecting a clear preference among consumers for the convenience and accessibility of debit payments.

These cards continue to play a central role in everyday transactions, with their widespread acceptance making them the go-to option for most Omanis.

Credit cards followed with 58,994 new cards issued, representing 4% of the total market share. While they remain less common than debit cards, credit cards continue to serve a niche market, attracting those seeking additional financial flexibility, rewards, and benefits offered by various banks.

Prepaid cards also maintained their place in the market, with 42,148 new cards issued, making up 3% of the total. These cards are typically used for specific purposes, such as fuel purchases, online shopping, and other targeted transactions, providing a secure and convenient alternative for cashless payments.

Meanwhile, electronic wallets are gaining traction, with 11,077 new wallets issued throughout the year. This shift towards digital payments reflects growing consumer demand for more seamless and accessible financial solutions. E-wallets are expected to continue expanding as more customers turn to them for a wide range of transactions, from online shopping to utility payments.

The overall growth in digital and card-based payments is a clear sign of changing consumer habits, with Omani citizens and residents increasingly favouring secure and easy-to-use payment methods.

As banks and PSPs continue to innovate and introduce new features, the Central Bank of Oman (CBO) is working to support the growth of this digital payment ecosystem, ensuring the continued evolution of the country’s financial services.