Mandatory cashless payment option to be provided by businesses from Jan 1, 2022
Muscat – The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has mandated businesses to provide electronic payment services beginning 2022. Consumers will have the choice to paying in cash or electronically.
In July, the ministry called on commercial establishments, including restaurants, cafes and gold shops, to provide electronic payment options to consumers by January 1, 2022.
A statement issued by MoCIIP said, ‘All commercial establishments will have to mandatorily provide electronic payment (cashless) facilities to consumers, as part of the efforts to achieve digital transformation under Oman Vision 2040.’
On Monday, the ministry confirmed that consumers will have the option of paying in cash or electronically.
According to MoCIIP, the directive for electronic payment covers all activities in industrial areas and complexes, commercial centres, gift markets, food sales, gold and silver shops, restaurants and cafes, fruit and vegetable vendors, building materials, tobacco as well as transactions involving electronic items in the first phase of its implementation programme.
‘Central Bank of Oman, in coordination with banks and service providers, will provide point-of-sale devices to merchants without installation fees or monthly or annual fees to private sector institutions. Only fees for merchant transactions specified by CBO will be applicable,’ MoCIIP stated.
The fees must not exceed 1.5 per cent of the transaction amount or a maximum of RO10 for any payment via debit cards or exceed 0.75 per cent for mobile payments via QR code. Consumer Protection Authority, in coordination with banks, will receive complaints related to electronic payments through the authority’s communication channels.
MoCIIP urged all businesses and companies to commit to providing electronic payment options in their shops and outlets before the end of 2021 for application starting January 1, 2022.