Oman’s Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

With its economy heavily dependent on depleting oil resources, Oman has tried to diversify into other sectors, in particular tourism and gas-based industries. It is aiming to reduce oil’s contribution to GDP to 9% by 2020, and create more jobs for the growing population. With the government and banks striving to offer better services to the banked population, and banks expanding their presence while improving the banking infrastructure, Oman’s cards and payments industry grew during the report’s review period.

The recovery in crude oil prices, supported by sustained domestic demand and an accommodative monetary policy by the Central Bank of Oman (CBO), resulted in positive growth for the banking industry. The Eighth Five-Year Development Plan – 2011 to 2015 – emphasises huge public investments and this, with the development of the tourism and software sectors, is enabling positive economic growth.

This growth is also being driven through steps taken by banks to ensure safer transactions, supported by the improved banking infrastructure and new product developments. Rising awareness of electronic payments, reflected in the growth of e-commerce and retail, is also a significant driver of positive market activity.

In June 2014, Bank Muscat introduced a biometric system for e-cards to improve transaction efficiency and speed. This will enable secure e-card transactions at Royal Oman Police directorates, ministries and government establishments, and as a national ID. Resident cards can be loaded using cash at Bank Muscat branches. Debit and credit card transaction volumes and values at ATMs and at point-of-sale (POS) terminals increased during the review period, indicating a rising willingness to make cashless transactions.

Oman has emerged as a key market for e-commerce in the Middle East. Rising internet and smartphone penetration, coupled with an increasing number of online retailers of books, electronics, fashion products and games, are fuelling growth. Internet penetration in Oman has grown as a result of improved infrastructure and increased internet use, mainly by younger members of the population.

Scope

Comprehensive analysis of consumer attitudes and buying preferences for payment cards

Analysis of the competitive landscape of Oman's cards and payments industry

The economic, infrastructural and business drivers affecting the Oman cards and payments market

Benchmarking of Oman’s prepaid, debit and charge cards in a regional context

An outline of the current regulatory framework in the industry

Actionable insight from the marketing strategies adopted by various banks and other institutions

Profiles of the major banks in Oman's cards and payments industry

Key Highlights

Which are the preferred payment instruments in Oman, measured by transaction value?

What category of payment card is increasing its share? How is this evidence of significant changes in consumer behavior?

Which direct appeal from the Central Bank of Oman (CBO) has driven activity in a specific category of the cards and payments industry?

What initiative is designed to support this appeal by the CBO? Which predominant corporate partner is helping to instigate the bank’s strategy?

Reasons to buy

Utilize top-level historic and forecast market data to establish the credibility of plans in Oman's cards and payments industry.

Identify key market trends and align strategy accordingly to maximize market opportunities.

Understand the underlying competitive dynamics in Oman's cards and payments industry.

Analyze competitors' marketing strategies, and how they have been successfully applied in various payment card categories.

Gain insight into the key regulations governing Oman's cards and payments industry to avoid future costs or risks.

Companies mentioned

Bank Muscat

National Bank of Oman

Bank Dhofar

HSBC Bank Oman

Standard Chartered Bank

MasterCard

Visa

Table of Contents

1 Key Facts and Events

2 Executive Summary

3 Payment Instruments

3.1 Current Payments Environment

3.2 Alternative Payment Instruments

3.2.1 Skrill

3.2.2 ClickandBuy

3.2.3 Click2Pay

3.2.4 PayPal

3.2.5 CashU

4 Market Attractiveness and Future Prospects of Cards and Payments

5 Analysis of Cards and Payments Industry Drivers

5.1 Demographic Drivers

5.2 Economic Drivers

5.3 Infrastructure Drivers

5.4 Business Drivers

6 Emerging Consumer Attitudes and Trends

6.1 Market Segmentation and Targeting

6.1.1 Consumer cards

6.1.2 Commercial cards

6.2 New Product Launches

6.3 Travel Spending

6.3.1 Outbound trips volume and spending

6.3.2 Inbound trips volume and spending

7 Payment Cards

7.1 Payment Cards Analysis

7.1.1 Number of cards in circulation by card type

7.1.2 Transaction volume by card type

7.1.3 Transaction value by card type

7.1.4 Personal vs commercial cards

8 Debit Cards

8.1 Debit Cards Market Analysis

8.1.1 Number of debit cards in circulation

8.1.2 Debit cards transaction volume by channel

8.1.3 Debit cards transaction value by channel

8.1.4 Number of debit cards in circulation by scheme

8.1.5 Debit cards transaction value by scheme

8.1.6 Debit card issuers’ market shares

8.1.7 Debit cards comparison

9 Credit Cards

9.1 Credit Cards Market Analysis

9.1.1 Number of credit cards in circulation

9.1.2 Credit cards transaction volume by channel

9.1.3 Credit cards transaction value by channel

9.1.4 Number of credit cards in circulation by scheme

9.1.5 Credit cards transaction value by scheme

9.1.6 Credit card issuers’ market shares

9.1.7 Credit cards comparison

10 Commercial Cards

10.1 Commercial Card Market Analysis

10.1.1 Number of commercial cards in circulation

10.1.2 Commercial card transaction values

10.1.3 Commercial cards comparison

11 Regulations in the Cards and Payments Industry

11.1 Regulatory Framework

11.2 Anti-Money Laundering (AML)

11.3 Foreign Direct Investment (FDI) Regulations

12 Card Fraud Statistics

12.1 Card Fraud Analysis

13 Card Issuers

13.1 Bank Muscat

13.2 National Bank of Oman

13.3 Bank Dhofar

13.4 HSBC Bank Oman

13.5 Standard Chartered Bank

14 Card Schemes

14.1 Visa

14.2 MasterCard

15 Appendix

15.1 Tables

15.2 Methodology

15.3 Contact GlobalData

15.4 About GlobalData

15.5 GlobalData’s Services

15.6 Definitions

15.7 Disclaimer

List of Tables

Table 1: Oman – Key Facts, 2013

Table 2: Regional Benchmarking of Oman Payment Cards Instrument, 2013

Table 3: Cards for High-Income Consumers

Table 4: Cards for Students and the Young Population

Table 5: Cards for Online Shoppers

Table 6: Cards for the Female Population

Table 7: Cards for Frequent Travelers

Table 8: Oman – Commercial Cards Comparison and Key Features

Table 9: Oman – New Product Launches

Table 10: Regional Benchmarking of Omani Debit Cards, 2013

Table 11: Oman – Debit Card Comparisons and Key Features

Table 12: Regional Benchmarking of Omani Credit Cards, 2013

Table 13: Oman – Gold Credit Card Comparisons and Key Features

Table 14: Oman – Premium Credit Card Comparisons and Key Features

Table 15: Oman – Commercial Cards Comparison and Key Features

Table 16: Oman – Market Entry Strategies of Foreign Banks

Table 17: Oman – Payment Instrument Transaction Values (OMR Million), 2009–2013

Table 18: Oman – Payment Instrument Transaction Values (US$ Billion), 2009–2013

Table 19: Oman – Payment Instrument Transaction Volumes (Million), 2009–2013

Table 20: Oman – Number of Cards in Circulation by Card Types (Million), 2009–2018

Table 21: Oman – Transaction Volume by Card Type (Million), 2009–2018

Table 22: Oman – Transaction Value by Card Type (OMR Billion), 2009–2018

Table 23: Oman – Transaction Value by Card Type (US$ Billion), 2009–2018

Table 24: Oman – Personal and Commercial Card Transaction Values (OMR Million), 2009–2018

Table 25: Oman – Personal and Commercial Card Transaction Values (US$ Million), 2009–2018

Table 26: Oman – Number of Debit Cards in Circulation (Million), 2009–2018

Table 27: Oman – Debit Card Transaction Volumes and Frequency by Channel, 2009–2018

Table 28: Oman – Debit Card Total and Average Transaction Values by Channel, 2009–2018

Table 29: Oman – Debit Card Total and Average Transaction Values by Channel, 2009–2018

Table 30: Oman – Number of Debit Cards in Circulation by Scheme (Million), 2009–2013

Table 31: Oman – Debit Card Transaction Values by Scheme (OMR Billion), 2009–2013

Table 32: Oman – Debit Card Transaction Values by Scheme (US$ Billion), 2009–2013

Table 33: Oman – Debit Card Transaction Values by Issuer (OMR Million), 2009–2013

Table 34: Oman – Debit Card Transaction Values by Issuer (US$ Million), 2009–2013

Table 35: Oman – Number of Credit Cards in Circulation (Million), 2009–2018

Table 36: Oman – Credit Card Transaction Volumes and Frequency by Channel, 2009–2018

Table 37: Oman – Credit Card Total and Average Transaction Values by Channel, 2009–2018

Table 38: Oman – Credit Card Total and Average Transaction Values by Channel, 2009–2018

Table 39: Oman – Number of Credit Cards in Circulation by Scheme (Thousand), 2009–2013

Table 40: Oman – Credit Card Transaction Values by Scheme (OMR Million), 2009–2013

Table 41: Oman – Credit Card Transaction Values by Scheme (US$ Million), 2009–2013

Table 42: Oman – Credit Card Transaction Values by Issuer (OMR Million), 2009–2013

Table 43: Oman – Credit Card Transaction Values by Issuer (US$ Million), 2009–2013

Table 44: Oman – Credit Card Balances Outstanding by Issuer (OMR Million), 2009–2013

Table 45: Oman – Credit Card Balances Outstanding by Issuer (US$ Million), 2009–2013

Table 46: Oman – Number of Commercial Cards in Circulation (Thousand), 2009–2018

Table 47: Oman – Commercial Card Transaction Values (OMR Million), 2009–2018

Table 48: Oman – Commercial Card Transaction Values (US$ Million), 2009–2018

Table 49: Oman – Commercial Credit Cards, 2009–2018

Table 50: Oman – Card Fraud (OMR Million), 2009–2013

Table 51: Oman – Card Fraud (US$ Million), 2009–2013

Table 52: Key Definitions

List of Figures

Table 1: Oman – Key Facts, 2013

Table 2: Regional Benchmarking of Oman Payment Cards Instrument, 2013

Table 3: Cards for High-Income Consumers

Table 4: Cards for Students and the Young Population

Table 5: Cards for Online Shoppers

Table 6: Cards for the Female Population

Table 7: Cards for Frequent Travelers

Table 8: Oman – Commercial Cards Comparison and Key Features

Table 9: Oman – New Product Launches

Table 10: Regional Benchmarking of Omani Debit Cards, 2013

Table 11: Oman – Debit Card Comparisons and Key Features

Table 12: Regional Benchmarking of Omani Credit Cards, 2013

Table 13: Oman – Gold Credit Card Comparisons and Key Features

Table 14: Oman – Premium Credit Card Comparisons and Key Features

Table 15: Oman – Commercial Cards Comparison and Key Features

Table 16: Oman – Market Entry Strategies of Foreign Banks

Table 17: Oman – Payment Instrument Transaction Values (OMR Million), 2009–2013

Table 18: Oman – Payment Instrument Transaction Values (US$ Billion), 2009–2013

Table 19: Oman – Payment Instrument Transaction Volumes (Million), 2009–2013

Table 20: Oman – Number of Cards in Circulation by Card Types (Million), 2009–2018

Table 21: Oman – Transaction Volume by Card Type (Million), 2009–2018

Table 22: Oman – Transaction Value by Card Type (OMR Billion), 2009–2018

Table 23: Oman – Transaction Value by Card Type (US$ Billion), 2009–2018

Table 24: Oman – Personal and Commercial Card Transaction Values (OMR Million), 2009–2018

Table 25: Oman – Personal and Commercial Card Transaction Values (US$ Million), 2009–2018

Table 26: Oman – Number of Debit Cards in Circulation (Million), 2009–2018

Table 27: Oman – Debit Card Transaction Volumes and Frequency by Channel, 2009–2018

Table 28: Oman – Debit Card Total and Average Transaction Values by Channel, 2009–2018

Table 29: Oman – Debit Card Total and Average Transaction Values by Channel, 2009–2018

Table 30: Oman – Number of Debit Cards in Circulation by Scheme (Million), 2009–2013

Table 31: Oman – Debit Card Transaction Values by Scheme (OMR Billion), 2009–2013

Table 32: Oman – Debit Card Transaction Values by Scheme (US$ Billion), 2009–2013

Table 33: Oman – Debit Card Transaction Values by Issuer (OMR Million), 2009–2013

Table 34: Oman – Debit Card Transaction Values by Issuer (US$ Million), 2009–2013

Table 35: Oman – Number of Credit Cards in Circulation (Million), 2009–2018

Table 36: Oman – Credit Card Transaction Volumes and Frequency by Channel, 2009–2018

Table 37: Oman – Credit Card Total and Average Transaction Values by Channel, 2009–2018

Table 38: Oman – Credit Card Total and Average Transaction Values by Channel, 2009–2018

Table 39: Oman – Number of Credit Cards in Circulation by Scheme (Thousand), 2009–2013

Table 40: Oman – Credit Card Transaction Values by Scheme (OMR Million), 2009–2013

Table 41: Oman – Credit Card Transaction Values by Scheme (US$ Million), 2009–2013

Table 42: Oman – Credit Card Transaction Values by Issuer (OMR Million), 2009–2013

Table 43: Oman – Credit Card Transaction Values by Issuer (US$ Million), 2009–2013

Table 44: Oman – Credit Card Balances Outstanding by Issuer (OMR Million), 2009–2013

Table 45: Oman – Credit Card Balances Outstanding by Issuer (US$ Million), 2009–2013

Table 46: Oman – Number of Commercial Cards in Circulation (Thousand), 2009–2018

Table 47: Oman – Commercial Card Transaction Values (OMR Million), 2009–2018

Table 48: Oman – Commercial Card Transaction Values (US$ Million), 2009–2018

Table 49: Oman – Commercial Credit Cards, 2009–2018

Table 50: Oman – Card Fraud (OMR Million), 2009–2013

Table 51: Oman – Card Fraud (US$ Million), 2009–2013

Table 52: Key Definitions

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