Central Bank of Oman launches national payment card 'Maal'

16/09/2025 04:37 AST

The Central Bank of Oman (CBO) on Sunday announced the launch of its national bank card, 'Maal', a strategic initiative aimed at developing the country's national card system. The move also represents a key step in promoting the digital economy and financial inclusion in the sultanate, in line with the objectives of Oman Vision 2040 for digital transformation and an innovation-driven economy.

The CBO clarified that the national payment card project aligns with regional and international best practices in electronic payments and the enhancement of OmanNet. The initiative is considered one of the country's major national projects, designed to strengthen payment system infrastructure, enhance data security and localisation, and foster innovation in modern payment technologies. It also seeks to accelerate the transition to a cashless society and shape the future of payment systems in Oman.

The project is expected to reduce costs for banks and payment service providers in issuing cards and processing transactions, while also lowering fees for cardholders, government institutions, and merchants. It will facilitate broader access to financial services across different segments of society and promote wider adoption of digital payments, thereby reducing reliance on cash and supporting sustainable national development.

The Maal card will be launched with a comprehensive suite of products and services tailored to the local market, including debit, prepaid, credit, corporate, and premium cards. The card will be valid for domestic use via the national card network, OmanNet, enabling a variety of transactions, including payments at POS (point-of-sale) terminals through contact and contactless methods, ATM cash withdrawals, e-commerce transactions, and online government services. It will also support card tokenisation for use across multiple payment applications.

Plans are underway to enable Maal card acceptance across GCC countries via GCCNet, with potential international acceptance in the future through bilateral agreements.

The CBO confirmed that the issuance of the card and related financial services will be implemented in multiple phases, which will be announced progressively. The next phase will involve collaboration with licensed banks and payment service providers authorised to issue and accept the Maal card.

H E Ahmed bin Jaafar al Musalmi, Governor of the Central Bank of Oman, said that the Maal card represents a major strategic initiative that will help establish a secure and efficient national payment system, strengthen the financial sector, and bolster Oman's regional position in financial innovation. He added that it serves as a key enabler for a safer, more sustainable, and prosperous digital future.

Muscat Daily