CBO unveils brand identity of Oman's national payment card

The Central Bank of Oman (CBO) has revealed the brand identity of the national payment card, which will be called 'Maal.'

Banks in the Sultanate of Oman are already working on the project, which, according to sources, will be launched in the coming months. 

Maal will be a step toward achieving local self-sufficiency and continuing the path of development in the payment sector. 

The Central Bank of Oman (CBO) had recently said that local banks in the country will soon issue a national payment card under its supervision.  It is an extension of the national payment systems, Oman Net.

According to the CBO, the card will provide a secure and seamless local payment experience within the Sultanate of Oman, as a step towards achieving local self-sufficiency and continuing the development of the payments sector.

The bank said that the national payment card will strengthen the digital economy, reduce operating costs, enable cash flow, improve financial inclusion, and it will reduce dependency on foreign payment solutions.

Currently, in the GCC, Qatar, UAE Saudi Arabia have their own national payment cards, and here are some of their details. 

Qatar's Himyan is the first national payment card with a Qatari brand, owned by the Qatar Central Bank. Its issuance comes as a continuation of the national initiatives and projects launched by the Qatar Central Bank towards improving and developing digital payment systems. 

The card will provide options for customers of banks and financial institutions in the country and meet their growing needs in line with the growing demand for financial technology services, besides contributing to enhancing the national brand.

All payment transactions via debit cards are conducted through point of sale devices, purchases are made from local e-commerce websites via the internet, and withdrawals and deposits are handled through ATMs, while prepaid cards do not require a minimum balance. Issuing the card does not require having a bank account

The Jaywan national card of the UAE provides a homegrown option to internationally issued debit and prepaid cards.

Debit cards are issued by participating banks, as they will allow consumers to make purchases and withdraw cash directly from their bank accounts. They provide an easy and secure way to manage daily expenses.  Prepaid cards are ideal for budgeting and controlled spending. They can be loaded with a set amount of funds, making them useful for travel, gifting, and specific spending purposes. 

The Saudi Payments card, the Mada card, is the national debit card launched by the banks of Saudi Arabia.  Mada cards are a dominant payment method in Saudi Arabia, particularly for online transactions.