Oman’s shift toward a cashless economy accelerated sharply in 2024, with nearly all major payment channels posting double- or triple-digit growth, according to the Central Bank of Oman’s Annual Report 2024. The surge reflects strong consumer adoption, new digital infrastructure, and regulatory support aligned with Oman Vision 2040.
Mobile payments saw the biggest leap: transactions through the Mobile Payment Clearing Switch spiked from 40.6 million in 2023 to 169.5 million in 2024, with transaction value rising to RO 5.56 billion. Card and point-of-sale activity via the OmanNet Switch also expanded significantly, reaching 432.9 million transactions valued at RO 6.88 billion.
Traditional banking rails continued to grow as well. The Automated Clearing House handled 31.7 million salary and recurring-payment transfers worth RO 15.9 billion, while the Real-Time Gross Settlement system processed RO 240.5 billion, underscoring robust wholesale financial activity. Electronic cheque clearing remained steady, processing 3.7 million cheques worth over RO 10.2 billion, highlighting a gradual shift away from paper-based payments.
The Central Bank attributed the strong performance to regulatory modernization, financial innovation initiatives, and nationwide investment in secure digital infrastructure. With adoption rising across consumers and businesses, Oman is poised to further strengthen its position as a regional leader in modern financial services.
