MoCIIP warns of action against e-payments
Published: 06:12 PM,Dec 18,2022 | EDITED : 10:12 PM,Dec 18,2022
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The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) found 140 violations regarding the non-availability of electronic payment services at commercial establishments.
A decision was made at the beginning of 2022 that commercial institutions and companies dealing in foodstuff, gold and silverware, restaurants and cafes, vegetables and fruits, electronics, building materials, tobacco, all activities in industrial areas, commercial complexes, and gift markets need to have electronic payment services.In case of non-compliance with the decision, the MoCIIP gives a warning with 20 days time to install the payment service along with an administrative fine of RO 100.
The decision, made in Oman Vision 2040, was a joint action of the MoCIIP and Central Bank of Oman, Oman Chamber of Commerce and Industry, Consumer Protection Authority, and the Ministry of Transport, Communications and Information Technology to achieve comprehensive digital transformation.
The decision was meant to avoid the security risks in dealing with cash and expediting buying and selling, customer service management, financial management,inventory management, and reducing the risks of theft, internal fraud, and false invoices.
The ministry confirmed the consumer’s choice to pay digitally or in cash.
The Central Bank of Oman(CBO) has coordinated with banks and payment service providers to provide a point-of-sale device or any payment service for merchants without installation fees or monthly or annual fees for private sector institutions. Also, it asked to adhere only to the fees for merchant transactions specified by the CBO, so that they do not exceed 1.5 per cent and a maximum of RO 10 for payment via direct debit cards, and not more than 0.75 per cent for mobile payment via QR code. This is to facilitate the process of providing this service to the owners of the targeted activities.
Many applications support and facilitate the online payment process on which electronic payment is relied on and through which electronic payment is made in the Sultanate of Oman.
These applications allow customers to pay financial dues, and some may enable purchase invoices to be sent to the customer without needing to go to the store.
According to statistics, the dependence of Omani citizens on this method of payment increased by 34 per cent at the beginning of 2020, and this percentage is expected to reach more than 50 per cent by the end of 2025.
Electronic payment has been adopted in the Sultanate of Oman to serve the citizens and meet their needs, focusing on the importance of this method and the necessity of its continuous development.
A decision was made at the beginning of 2022 that commercial institutions and companies dealing in foodstuff, gold and silverware, restaurants and cafes, vegetables and fruits, electronics, building materials, tobacco, all activities in industrial areas, commercial complexes, and gift markets need to have electronic payment services.In case of non-compliance with the decision, the MoCIIP gives a warning with 20 days time to install the payment service along with an administrative fine of RO 100.
The decision, made in Oman Vision 2040, was a joint action of the MoCIIP and Central Bank of Oman, Oman Chamber of Commerce and Industry, Consumer Protection Authority, and the Ministry of Transport, Communications and Information Technology to achieve comprehensive digital transformation.
The decision was meant to avoid the security risks in dealing with cash and expediting buying and selling, customer service management, financial management,inventory management, and reducing the risks of theft, internal fraud, and false invoices.
The ministry confirmed the consumer’s choice to pay digitally or in cash.
The Central Bank of Oman(CBO) has coordinated with banks and payment service providers to provide a point-of-sale device or any payment service for merchants without installation fees or monthly or annual fees for private sector institutions. Also, it asked to adhere only to the fees for merchant transactions specified by the CBO, so that they do not exceed 1.5 per cent and a maximum of RO 10 for payment via direct debit cards, and not more than 0.75 per cent for mobile payment via QR code. This is to facilitate the process of providing this service to the owners of the targeted activities.
Many applications support and facilitate the online payment process on which electronic payment is relied on and through which electronic payment is made in the Sultanate of Oman.
These applications allow customers to pay financial dues, and some may enable purchase invoices to be sent to the customer without needing to go to the store.
According to statistics, the dependence of Omani citizens on this method of payment increased by 34 per cent at the beginning of 2020, and this percentage is expected to reach more than 50 per cent by the end of 2025.
Electronic payment has been adopted in the Sultanate of Oman to serve the citizens and meet their needs, focusing on the importance of this method and the necessity of its continuous development.