Oman to obligate retailers to accept cashless payments

This will be effective 1 January 2022

Oman

Oman to obligate retailers to accept cashless payments. Source: shutterstock.com

It will be mandatory for all enterprises and merchants to offer cashless payments in Oman, according to Times of Oman.

The move by the Omani Ministry of Commerce, Industry and Investment Promotion is part of the country’s plan to reduce the amount of money in circulation.

The initial phase will cover all activities in shopping complexes, gift stores, industrial areas and commercial establishments. It will also get all the establishments that deal with the sale of jewelry, fruits and vegetable stores, food, those in the construction sector, electronics shops and tobacconists to have cashless remittances.

The cashless move will be supported by the Central Bank of Oman, remittance service providers as well as other banks. The three will provide point of sale terminals for enterprises that have zero installation fees or annual charges.

The Central Bank of Oman will, however, charge merchant service fees.

We’ve reported that 17,000 local high street stores could open over next year in UK.

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