MUSCAT: The members of the Economic and Financial Committee of the Shura Council recently convened to discuss key issues surrounding electronic payment services in Oman. The meeting, held on Tuesday, focused on the need for transparency regarding the fees imposed on electronic payment transactions. Members stressed the importance of clarity in these charges, particularly as they relate to transactions between the Central Bank of Oman (CBO) and shop owners who are utilizing electronic payment services.
During the session, which also included a number of CBO officials, the committee addressed the fees that the bank imposes on shop owners for processing electronic payments. The discussion highlighted the necessity of continually improving the electronic payment infrastructure to facilitate business operations. Such developments are viewed as crucial for enhancing the overall business environment in Oman, which in turn would positively contribute to the economic prosperity of the Sultanate.
The meeting also covered the evolution of electronic payment systems in Oman. A presentation by the CBO specialists provided a comprehensive overview of the payment systems in place in Oman over the past two decades, including the advancements made in 2024. The CBO highlighted the benefits of digital payment services for customers and businesses, with a focus on the objectives of expanding access and ensuring seamless transactions. A significant portion of the presentation was dedicated to the global IBAN system, which is utilized in Oman, emphasizing its role in facilitating smooth credit operations.
As the discussions progressed, the committee examined the role of the modern electronic authorization system in streamlining installment payment processes and improving efficiency. The session also included a discussion on the use of electronic services to combat financial crimes such as money laundering, tax evasion, and illicit trade. The meeting concluded with an in-depth conversation about the fees associated with electronic payment services, including interchange fees, and the methods used by the CBO to determine and apply these charges.
