Wednesday, January 26, 2022 | Jumada al-akhirah 22, 1443 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Cashless payment option mandatory from Jan 1

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Muscat: Starting January 1, 2022, all commercial establishments will have to mandatorily provide electronic payment (cashless) facilities to consumers, as part of the efforts to achieve digital transformation in the Sultanate under Oman Vision 2040.


According to Ministry of Commerce, Industry and Investment Promotion (MOCIIP), in the first phase, the electronic payment will cover all activities in industrial areas, complexes, commercial centers, gift markets, food sales, gold and silver sales,


restaurants and cafes, fruits and vegetables, in addition to transactions involving electronics, building materials, and tobacco."


"To ensure the ease of providing this service, the Central Bank of Oman, in coordination with banks and service providers, has provided a point-of-sale device or


any payment service for merchants, without installation fees or monthly or annual fees to the private sector institutions. Only fees for merchant transactions specified by the Cen


Bank of Oman will be applicable. These fees must not exceed 1.5 percent and a maximum of RO10 for payment via direct debit cards and do not exceed 0.5% for mobile payments via a QR code. The ministry called on all institutions and companies to commit to providing the electronic payment service in their stores and outlets before the end of 2021, provided that the application begins on January 1."


Establishments will be required to place a poster or banner about the existence of an electronic payment facility.


In coordination with banks and payment service providers in the Sultanate, the Consumer Protection Authority will also receive complaints related to electronic payment through the authority's communication channels.


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