The Cards and Payments Industry in Oman: Emerging Trends and Opportunities to 2020

GlobalData’s "The Cards and Payments Industry in Oman: Emerging Trends and Opportunities to 2020", report provides detailed analysis of market trends in the Omani cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, direct debits, payment cards and checks during the review period (2012-2016).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review period and over the forecast period (2016-2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

The report provides top-level market analysis, information and insights into the Omani cards and payments industry, including –

– Current and forecast values for each market in the Omani cards and payments industry, including debit and credit cards.

– Detailed insights into payment instruments including credit transfers, direct debits, checks and payment cards. It also, includes an overview of the country's key alternative payment instruments.

– E-commerce market analysis.

– Analysis of various market drivers and regulations governing the Omani cards and payments industry.

– Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.

– Comprehensive analysis of consumer attitudes and buying preferences for cards.

– The competitive landscape in the Omani cards and payments industry.

Key Highlights

– To strengthen the lending business in Oman, in November 2015 the central bank issued circular allowing non-banking financial companies (NBFCs) to issue white-label credit cards in collaboration with domestic banks. NBFCs can brand white-label cards as their own, without investing in the necessary infrastructure. While banks are responsible for administration and settlement processes, NBFCs are responsible for the cards’ branding and marketing. The move helps consumers who do not have access to formal financial institutions to obtain credit, and is anticipated to drive growth in the credit card market.

– The central bank issued an advisory note in May 2014 requesting that Omani residents and businesses use non-cash payments and increase use of ATMs and cash-deposit machines (CDMs) for routine transactions such as cash withdrawals, deposits and salary payments. The move aimed to increase efficiency in the payment system by urging consumers to use existing banking infrastructure for electronic transactions. The shift away from cash is expected to promote debit card use.

– Contactless payments are at a nascent stage of development. In June 2015, the NBO partnered with Mastercard to launch a pilot project to introduce TapNGo contactless payment technology. Selected NBO customers were offered a contactless debit card, allowing them to pay for small-ticket items at the checkout without entering a PIN or signing a receipt for amounts up to US$26 (OMR10). To ensure security, a chip and a radio frequency antenna is embedded into the contactless card, which is then touched against a contactless reader.

Scope

– This report provides a comprehensive analysis of the Omani cards and payments industry.

– It provides current values for the Omani cards and payments industry for 2016, and forecast figures to 2020.

– It details the different demographic, economic, infrastructural and business drivers affecting the Omani cards and payments industry.

– It outlines the current regulatory framework in the industry.

– It details marketing strategies used by various banks and other institutions.

Reasons to buy

– Make strategic business decisions, using top-level historic and forecast market data, related to the Omani cards and payments industry and each market within it.

– Understand the key market trends and growth opportunities in the Omani cards and payments industry.

– Assess the competitive dynamics in the Omani cards and payments industry.

– Gain insights into marketing strategies used for various card types in Oman.

– Gain insights into key regulations governing the Omani cards and payments industry.

Companies mentioned

Bank Muscat

NBO

BankDhofar

Bank Sohar

HSBC Bank Oman

Visa

Mastercard

Table of Contents

Table of Contents

1. EXECUTIVE SUMMARY 2

1.1. Market overview 2

1.2. Key facts 4

1.3. Top five industry events 5

2. PAYMENT INSTRUMENTS 11

2.1. Current payment environment 11

3. E-COMMERCE AND ALTERNATIVE PAYMENTS 13

3.1. E-Commerce market analysis 13

3.2. Alternative payment solutions 15

3.2.1. PayPal 15

3.2.2. CashU 15

3.2.3. Ooredoo Charge to Mobile 15

3.2.4. Fortumo 15

4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY 16

4.1. Regulatory framework 16

4.2. Anti-money laundering and counter-terrorism financing (AML/CTF) 16

4.3. Foreign direct investment (FDI) regulations 16

5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS 18

6. PAYMENT CARDS 20

7. DEBIT CARDS 22

7.1. Debit cards market analysis 22

7.2. Competition in the debit cards market 24

7.3. Debit cards comparison 26

8. PAY LATER CARDS 27

8.1. Pay later cards market analysis 27

8.2. Competition in the pay later cards market 29

8.3. Pay later cards comparison 31

9. APPENDIX 32

9.1. Abbreviations 32

9.1.1. Supplementary data 33

9.2. Definitions 40

9.3. Methodology 42

9.4. Bibliography 44

9.5. Further reading 44

List of Tables

List of Tables

Table 1: Oman, Key Facts, 2016 4

Table 2: Oman, Regional Benchmarking of Payment Cards, 2016 4

Table 3: Oman, Mode of Entry of Foreign Banks 17

Table 4: Oman, Debit Cards Comparison and Key Features, 2016 26

Table 5: Oman, Gold Credit Cards Comparison and Key Features, 2016 31

Table 6: Oman, Premium Credit Cards Comparison and Key Features, 2016 31

Table 7: Oman, Payment Instrument Transaction Values (OMR Billion), 2012-2016 33

Table 8: Oman, Payment Instrument Transaction Values (US$ Billion), 2012-2016 33

Table 9: Oman, Payment Instrument Transaction Volumes (Million), 2012-2016 33

Table 10: Oman, Payment Cards in Circulation by Type (Thousand), 2012-2020 33

Table 11: Oman, Volume of Payment Card Transactions (Million), 2012-2020 34

Table 12: Oman, Value of Payment Card Transactions (OMR Billion), 2012-2020 34

Table 13: Oman, Value of Payment Card Transactions (US$ Billion), 2012-2020 34

Table 14: Oman, Debit Cards in Circulation (Million), 2012-2020 34

Table 15: Oman, Debit Card Transaction Volumes, 2012-2020 35

Table 16: Oman, Debit Card Transaction Values (OMR), 2012-2020 35

Table 17: Oman, Debit Card Transaction Values (US$), 2012-2020 35

Table 18: Oman, Debit Cards in Circulation by Scheme (Thousand), 2012-2016 36

Table 19: Oman, Debit Card Transaction Values by Scheme (OMR Million), 2012-2016 36

Table 20: Oman, Debit Card Transaction Values by Scheme (US$ Million), 2012-2016 36

Table 21: Oman, Debit Card Transaction Values by Issuer (OMR Million), 2012-2016 36

Table 22: Oman, Debit Card Transaction Values by Issuer (US$ Million), 2012-2016 37

Table 23: Oman, Pay Later Cards in Circulation (Thousand), 2012-2020 37

Table 24: Oman, Pay Later Card Transaction Volumes, 2012-2020 37

Table 25: Oman, Pay Later Card Transaction Values (OMR), 2012-2020 38

Table 26: Oman, Pay Later Card Transaction Values (US$), 2012-2020 38

Table 27: Oman, Pay Later Cards in Circulation by Scheme (Thousand), 2012-2016 38

Table 28: Oman, Pay Later Card Transaction Values by Scheme (OMR Million), 2012-2016 39

Table 29: Oman, Pay Later Card Transaction Values by Scheme (US$ Million), 2012-2016 39

Table 30: Oman, Pay Later Card Transaction Values by Issuer (OMR Million), 2012-2016 39

Table 31: Oman, Pay Later Card Transaction Values by Issuer (US$ Million), 2012-2016 39

Table 32: Key Definitions 40

List of Figures

List of Figures

Figure 1: Oman, Payment Instrument Shares by Transaction Value (%), 2012 vs 2016 11

Figure 2: Oman, Payment Instrument Shares by Transaction Volume (%), 2012 vs 2016 12

Figure 3: Oman, E-Commerce Value 13

Figure 4: Oman, Population and Economic Indicators 18

Figure 5: Oman, ATMs, POS Terminals and Household Consumption 19

Figure 6: Oman, Payment Cards Transaction Value and Cards in Circulation, 2012-2020 20

Figure 7: Oman, Debit Card Penetration and Turnover Per Card 22

Figure 8: Oman, Debit Cards Scheme and Issuer Transaction Value Share, 2016 24

Figure 9: Oman, Pay Later Card Penetration and Turnover Per Card 27

Figure 10: Oman, Pay Later Cards Scheme and Issuer Transaction Value Share, 2016 29

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