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The Cards and Payments Industry in Oman: Emerging Trends and Opportunities to 2020

  • Executive Summary
    • Market overview
    • Key facts
      • Table Oman, Key Facts, 2016
      • Table Oman, Regional Benchmarking of Payment Cards, 2016
    • Top five industry events
  • Payment Instruments
    • Current payment environment
      • Table figure 1: Oman, Payment Instrument Shares by Transaction Value (%), 2012 vs 2016
      • Table figure 2: Oman, Payment Instrument Shares by Transaction Volume (%), 2012 vs 2016
  • E-Commerce and Alternative Payments
    • E-Commerce market analysis
      • Table figure 3: Oman, E-Commerce Value
    • Alternative payment solutions
      • PayPal
      • CashU
      • Ooredoo Charge to Mobile
      • Fortumo
  • Regulations in the Cards and Payments Industry
    • Regulatory framework
    • Anti-money laundering and counter-terrorism financing (AML/CTF)
    • Foreign direct investment (FDI) regulations
      • Table Oman, Mode of Entry of Foreign Banks
  • Analysis of Cards and Payments Industry Drivers
    • Table figure 4: Oman, Population and Economic Indicators
    • Table figure 5: Oman, ATMs, POS Terminals and Household Consumption
  • Payment Cards
    • Table figure 6: Oman, Payment Cards Transaction Value and Cards in Circulation, 2012-2020
  • Debit Cards
    • Debit cards market analysis
      • Table figure 7: Oman, Debit Card Penetration and Turnover Per Card
    • Competition in the debit cards market
      • Table figure 8: Oman, Debit Cards Scheme and Issuer Transaction Value Share, 2016
    • Debit cards comparison
      • Table Oman, Debit Cards Comparison and Key Features, 2016
  • Pay Later Cards
    • Pay later cards market analysis
      • Table figure 9: Oman, Pay Later Card Penetration and Turnover Per Card
    • Competition in the pay later cards market
      • Table figure 10: Oman, Pay Later Cards Scheme and Issuer Transaction Value Share, 2016
    • Pay later cards comparison
      • Table Oman, Gold Credit Cards Comparison and Key Features, 2016
      • Table Oman, Premium Credit Cards Comparison and Key Features, 2016
  • Appendix
    • Abbreviations
    • Supplementary data
      • Table Oman, Payment Instrument Transaction Values (OMR Billion), 2012-2016
      • Table Oman, Payment Instrument Transaction Values (US$ Billion), 2012-2016
      • Table Oman, Payment Instrument Transaction Volumes (Million), 2012-2016
      • Table Oman, Payment Cards in Circulation by Type (Thousand), 2012-2020
      • Table Oman, Volume of Payment Card Transactions (Million), 2012-2020
      • Table Oman, Value of Payment Card Transactions (OMR Billion), 2012-2020
      • Table Oman, Value of Payment Card Transactions (US$ Billion), 2012-2020
      • Table Oman, Debit Cards in Circulation (Million), 2012-2020
      • Table Oman, Debit Card Transaction Volumes, 2012-2020
      • Table Oman, Debit Card Transaction Values (OMR), 2012-2020
      • Table Oman, Debit Card Transaction Values (US$), 2012-2020
      • Table Oman, Debit Cards in Circulation by Scheme (Thousand), 2012-2016
      • Table Oman, Debit Card Transaction Values by Scheme (OMR Million), 2012-2016
      • Table Oman, Debit Card Transaction Values by Scheme (US$ Million), 2012-2016
      • Table Oman, Debit Card Transaction Values by Issuer (OMR Million), 2012-2016
      • Table Oman, Debit Card Transaction Values by Issuer (US$ Million), 2012-2016
      • Table Oman, Pay Later Cards in Circulation (Thousand), 2012-2020
      • Table Oman, Pay Later Card Transaction Volumes, 2012-2020
      • Table Oman, Pay Later Card Transaction Values (OMR), 2012-2020
      • Table Oman, Pay Later Card Transaction Values (US$), 2012-2020
      • Table Oman, Pay Later Cards in Circulation by Scheme (Thousand), 2012-2016
      • Table Oman, Pay Later Card Transaction Values by Scheme (OMR Million), 2012-2016
      • Table Oman, Pay Later Card Transaction Values by Scheme (US$ Million), 2012-2016
      • Table Oman, Pay Later Card Transaction Values by Issuer (OMR Million), 2012-2016
      • Table Oman, Pay Later Card Transaction Values by Issuer (US$ Million), 2012-2016
    • Definitions
      • Table Key Definitions
    • Methodology
    • Bibliography
    • Further reading

The Cards and Payments Industry in Oman: Emerging Trends and Opportunities to 2020

Summary

Use of payment cards is gradually rising in Oman, though overall card use in the country is much lower than many of its peers. Frequency of use per card in Oman stood at 22.4 in 2016 - lower than Lebanon with 31.3, the UAE with 49.8, Kuwait with 54.9, Iran with 62.0, Saudi Arabia with 99.0 and Israel with 155.4. However, a number of initiatives have encouraged adoption of payment cards in the country, such as improvements to the payment infrastructure, new technology such as contactless and EMV, Sharia-compliant cards, and the government’s promotion of electronic payments.

As the payment infrastructure improves, convenience has emerged as a key driver in the debit card market. Instant card issuance is also a growing trend. BankDhofar launched an instant card-issuance service in September 2013, allowing customers to collect debit cards instantly when opening an account, and start using them immediately. In June 2015, Alizz Islamic Bank launched an instant card-issuance service at all its branches, helping to reduce PIN distribution costs and enhancing customer satisfaction.

Demand for premium payment cards is rising in the Gulf Cooperation Council (GCC), including Oman. Consumers have become more sophisticated, and cards are now an essential part of their lifestyles. Consumer demand for high-quality services and rewards is also rising, and banks are offering exclusive benefits and rewards to serve the most profitable consumers. In March 2015, Alizz Islamic Bank partnered with MasterCard to introduce the World Elite MasterCard in Oman.

Banks in Oman also serve corporate customers, including large businesses and SMEs. With the growing number of businesses in Oman, demand for commercial cards is expected to increase over the forecast period (2016-2020). Issuers such as Bank Muscat, BankDhofar, National Bank of Oman (NBO), Bank Sohar and Oman Arab Bank offer commercial cards, which provide exclusive dining, shopping, traveling and entertainment-related offers, free travel insurance and medical assistance and access to airport lounges.

The report The Cards and Payments Industry in Oman: Emerging Trends and Opportunities to 2020 provides top-level market analysis, information and insights into the Omani cards and payments industry.

In particular, this report enables the following -

  • Current and forecast values for each market in the Omani cards and payments industry, including debit and credit cards.
  • Detailed insights into payment instruments including credit transfers, direct debits, checks and payment cards. It also, includes an overview of the country's key alternative payment instruments.
  • E-commerce market analysis.
  • Analysis of various market drivers and regulations governing the Omani cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape in the Omani cards and payments industry.
Companies mentioned in this report: Bank Muscat, NBO, BankDhofar, Bank Sohar, HSBC Bank Oman, Visa, MasterCard.

Scope
  • This report provides a comprehensive analysis of the Omani cards and payments industry.
  • It provides current values for the Omani cards and payments industry for 2016, and forecast figures to 2020.
  • It details the different demographic, economic, infrastructural and business drivers affecting the Omani cards and payments industry.
  • It outlines the current regulatory framework in the industry.
  • It details marketing strategies used by various banks and other institutions.
Reasons to buy
  • Make strategic business decisions, using top-level historic and forecast market data, related to the Omani cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Omani cards and payments industry.
  • Assess the competitive dynamics in the Omani cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Oman.
  • Gain insights into key regulations governing the Omani cards and payments industry.


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