The Board of Governors of the Central Bank of Oman (CBO) also approved granting a license to provide electronic payment service to the Oman National Engineering and Investment Company (ONEIC)
The fourth meeting of this year approved a number of recommendations that are considered initiatives toward stimulating the economy and encouraging funding for vital sectors.
To encourage the use of a cashless economy, the CBO said card payment via POS terminals is the most popular payment method and widely used by merchants in the Sultanate.
Card payment is linked to three main parties, which are the payment service provider (licensed bank or licensed non-banking institution), the card network through which transactions are processed and payment facilities (OmanNet local network or other international networks), and the issuing bank.
CBO also encourages the use of the payment service by commercial establishments and consumer does not incur any fees when paying via mobile.
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