MUSCAT: Starting from January 1, 2022, Oman will make mandatory for commercial activities to provide electronic payment methods to customers to reduce cash circulation and enable them to rely on contactless ways, Ministry of Commerce, Industry and Investment Promotion (MCIIP) said on Monday.
In the first phase, the list of commercial activities that will have to implement mandatory electronic payment methods include shopping malls, restaurants, cafes, commercial centres, gift markets, jewellery shops, activities selling foodstuffs, fruits and vegetables, electronic shops, activities in industrial areas, building material activities and tobacco shops must implement electronic payment methods from next year.
The Ministry said the companies must take necessary steps to ensure the decision is implemented from January 1, 2022.
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According to MCIIP, the Central Bank of Oman has coordinated with banks and payment service providers to provide point-of-sale devices or any payment service to merchants “without installation fees or monthly or annual fees for private sector institutions.”
“Only fees for merchant transactions specified by the Central Bank of Oman will be applicable,” the statement said. These fees must not exceed 1.5% and a maximum of OMR 10 for payment via direct debit cards and does not exceed 0.75% for mobile payments via a QR code.
