The Rise of the Omani Digital Payment Sector: Trends, Adoption, and Future

In Oman, cash has traditionally been the most common form of payment. Making the switch from cash to digital payments has the potential to support and promote technological advancements and advanced electronic goods and services in numerous industries. Unbanked people can use digital payment networks to enter the world of digital finance. The Central Bank of Oman has granted licensing requests to two businesses to offer electronic payment services nationwide. The Omani e-commerce sector recorded strong growth throughout the pandemic and is anticipated to grow further due to the nation’s digital transformation, the introduction of 5G telecom services, the quick adoption of digital payment methods, and the growth of vibrant online marketplaces. This article examines the current state of knowledge in the digital payments sector, particularly emphasizing the Omani economy. In this study, an attempt has been made to investigate how digital payment businesses may assist Oman’s objectives for digitalization. By expanding the information and communications technology industry as an enabler for other economic sectors, Oman has achieved significant progress in creating the groundwork for a successful digital economy. Furthermore, the residents are on the verge of a dramatic transition that will usher in an era of cashless economies, with emerging technologies such as Artificial Intelligence and Analytics facilitating payment options. Our analysis concludes that Oman has correctly recognized and encouraged electronic payments technology, and an additional intensive strategy would be advantageous. The study’s results will benefit the sector in recognizing the significance of digital payment services, particularly in Oman, to accomplish the objective of a digital economy.