Muscat: Major banks in the Sultanate of Oman have indicated that they will be launching the Maal debit and credit cards.
This Central Bank of Oman-initiated local card, to be launched in cooperation with six local banks, aims to strengthen the national payments system and the independence of the financial infrastructure.
Bank Muscat, Sohar International, Oman Arab Bank (OAB), and Bank Dhofar recently announced their intention to launch the Maal-branded cards without giving a timeline.
According to Ali Al Jabri, Vice President of Payment Systems Technology at the Central Bank of Oman," The 'Maal card will be free for customers with no issuance or renewal fees, and competitive, reduced fees for merchants and government entities."
It will also contribute to reducing costs and enhancing data security.
According to experts, currently, cards issued by local banks use global network technologies, which will contribute to reducing costs for customers, and products will include debit cards, payment cards, prepaid cards, and credit cards.
The Central Bank of Oman (CBO) has unveiled the brand identity of the national payment card, which will be known as 'Maal.'
Oman Observer is now on the WhatsApp channel. Click here
