MUSCAT: In 2023, debit cards emerged as the dominant payment method in Oman, making up an impressive 93% of all new cards issued. According to the Central Bank of Oman (CBO) National Payments System Annual Report, a total of 1,328,694 cards were issued across various categories, with debit cards taking the lion’s share. This widespread use of debit cards highlights the growing preference for secure and convenient payment methods, as consumers increasingly opt for direct access to their funds for everyday transactions.
The data reveals that 1,275,475 debit cards were issued last year, clearly reflecting consumer favor towards debit over other card types. With their immediate access to bank accounts and the ability to facilitate both in-store and online payments, debit cards have become the go-to option for most Omanis. Their integration into daily life underscores the shift toward digital payment methods, contributing to the ongoing evolution of Oman’s financial landscape.
In comparison, credit cards accounted for only 4% of the total card market, with 58,994 new cards issued in 2023. While credit cards are still less commonly used than debit cards, they serve a niche market by offering added financial flexibility, rewards, and benefits. Many consumers continue to choose credit cards for larger purchases or to take advantage of perks such as cashback, travel rewards, and extended purchase protection.
Prepaid cards also hold a steady position in Oman’s payment ecosystem, with 42,148 new cards issued in 2023, making up 3% of the market. These cards are typically used for specific purposes, such as online shopping or fuel purchases, offering a secure and convenient alternative to cash. The increasing adoption of digital payments, including the use of e-wallets, is further reshaping the way consumers interact with financial services. The trend reflects a growing demand for flexible, seamless payment options that can cater to a variety of everyday needs.
