According to new research from business intelligence firm Timetric, the volume of Point-of-Sale (POS) terminals grew at a Compound Annual Growth Rate (CAGR) of 16.11%, from 5.1 million POS terminals in 2008 to 9.2 million in 2012. The increased acceptance of cards at merchant outlets and an overall shift towards card payments through POS terminals resulted in an increase in transaction volumes.
To integrate ATMs (Automatic Teller Machines) and POS terminal networks, the central bank of Oman (CBO) initiated a national payment switch. In 2003, OmanNet was launched and by 2011 integration was completed. OmanNet is integrated with the ATMs of all Gulf Cooperation Council (GCC) countries such as Bahrain, Kuwait, Qatar, Saudi Arabia and the UAE. The growing volume of POS terminals and interconnected ATM machines across the GCC members is expected to drive card payments to 2017.
Contactless payment on the rise
Banks are increasingly adopting contactless technology in association with Visa. For example, HSBC Middle East collaborated with Visa to issue Visa payWave debit cards. Although contactless cards penetration is in its early stages of development in Oman, over the forecast period it is expected to gain momentum.
The Timetric report: ‘Emerging Opportunities in Oman's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape' was published in August 2013
About Timetric Timetric is a leading provider of online data, analysis and advisory services on key financial and industry sectors. It provides integrated information services covering risk assessments, forecasts, industry analysis, market intelligence, news and comment.