The Central Bank of Oman (CBO) confirmed that local banks will begin rolling out a national payment card developed under its direct supervision soon. The development is an expansion of Oman Net, the country’s current domestic payments system.
The card, according to the CBO, will provide a secure and easy means for individuals all over the Sultanate to conduct transactions and will enhance the overall system by promoting increased self-sufficiency. By introducing a national payment card system, the regulator is signalling its commitment to building self-sufficiency and further develop its payment sector.
The bank has further noted that the card will deliver multiple benefits. It is expected to contribute to the digital economy, help lower operating costs for institutions, and improve liquidity within the market. At the same time, it aims to widen financial inclusion by making payment tools more accessible, while reducing reliance on international providers.
Other Gulf nations have already taken similar steps. In Qatar, for instance, the central bank launched Himyan, the country’s first card carrying a national brand. The initiative builds on earlier projects to upgrade the country’s payment systems, and it supports banks and financial institutions in responding to rising demand for digital finance services. In addition to creating more opportunities for clients, it is now also a way of enhancing Qatar’s national brand in the financial sector.
The United Arab Emirates has done the same with its Jaywan card, providing a national alternative to international debit and prepaid products. Jaywan debit cards may be used for spending and withdrawals against accounts directly, while prepaid cards are generally used for budgeting or targeted use like travel.The versatility provides consumers and businesses convenient tools to cope with typical economic needs.
Saudi Arabia also established its own local infrastructure in the form of Mada, a debit card network established by the nation’s banks. Mada is currently one of Saudi Arabia’s most prominent payment modes.