Visa’s second edition of the Where Cash Hides research report reveals that despite Oman’s leadership in digital payments, a quarter (25%) of transactions among surveyed consumers are still made in cash. The study, conducted across the GCC, examines cash usage trends and identifies opportunities to accelerate the shift towards digital payments in Oman.
The research, based on a survey of 2,800 individuals, explored the frequency and motivations behind cash usage, identifying cash-heavy categories such as peer-to-peer (P2P) transactions and everyday spending. In Oman, 42% of cash transactions occur within the P2P segment, with the majority of cash use for tips (66%), money exchanges between friends and family (53%), and property rent (24%). The report also found that while P2P transactions remain a stronghold for cash, international money transfers through exchange houses have increased, showing potential for digital cross-border payment solutions.
Everyday spending, including offline taxis (63%), farmers’ markets (55%), and app-based taxis (33%), is another area where cash usage is prevalent. However, the report notes a significant decrease in cash usage in restaurants, with a drop from 38% in 2023 to 20% in 2024, indicating progress in digitizing payments within the hospitality sector.
Visa’s report highlights key reasons for cash usage, such as habit and convenience for P2P transactions, and speed and acceptance for everyday purchases. Visa aims to address these concerns through secure and convenient solutions like Visa Direct for P2P, Click to Pay for online checkouts, and Tap to Phone for SMEs and taxis, helping to further promote digital payments in Oman.
Manish Gautam, Visa’s Country Manager for Oman, emphasized the opportunity to further drive financial inclusion and digitize commerce in Oman, aligning with the government’s cashless agenda. Visa remains committed to enhancing the payment experience in Oman and fostering a more inclusive digital economy.
