Oman’s new payment system explained simply / AI-generated illustration
The days of relying solely on international payment giants are ending in the Sultanate. Driven by the Central Bank of Oman (CBO), major local banks are launching the “Ma’al” Card, a groundbreaking national payment card designed to bring financial independence, unmatched cost savings, and a strong sense of Omani ownership to every digital transaction. For citizens and local businesses alike, the Ma’al Card meaning “wealth” or “money” in Arabic is set to transform your wallet, promising zero issuance fees for customers and significantly reduced transaction costs for merchants, marking a monumental step forward for the goals of Oman Vision 2040.
What is the Maal card?
Oman payment card explainedThe Maal card is the Central Bank of Oman’s (CBO) national payment card brand, created to run on the Sultanate’s domestic payment network (OmanNet). The name, which simply means “money” or “wealth” in Arabic, signals a significant shift towards national pride and control in the financial sector. For decades, Omani banks have relied heavily on international networks for payment cards. The Ma’al Card is set to change this by creating a robust, independent national payment system. This move strengthens Oman’s financial infrastructure, keeps transaction data secure within the country, and aligns perfectly with the economic goals of Oman Vision 2040. It will include debit, prepaid, credit, corporate and premium card types so people and businesses can pay at shops, withdraw cash, pay online, and use government e-services within Oman’s payment ecosystem.
Free banking and lower fees for all
The launch of the Ma’al Card brings excellent news for every Omani, especially when it comes to saving money. The CBO has confirmed two crucial benefits designed to promote widespread usage and support the local economy:
- Zero Fees for Customers: As a customer, you will pay no issuance fees and no renewal fees for your Ma’al Card. This makes it an incredibly cost-effective option for managing your everyday finances.
- Savings for Businesses: Merchants, shop owners, and government entities will benefit from significantly reduced and competitive fees on Ma’al Card transactions. This incentive encourages more businesses to accept digital payments, ultimately lowering operating costs for the entire local market.
The CBO plans to offer a full range of products under the Ma’al brand, including debit, credit, payment, and prepaid cards, giving you total flexibility.
How to apply for your Ma’al Card
Since the Ma’al Card is a brand-new national system, the application process will be simple and based on the established practices of your local bank. While the official launch date has not yet been announced, here is what you need to know:
- Check Your Bank: The Ma’al Card is being rolled out by a group of six local banks. Confirmed participants include Bank Muscat, Sohar International, and Bank Dhofar. Check to see if your current bank is on the list.
- Wait for the Launch Announcement: Once the CBO confirms the official date, the participating banks will begin accepting applications.
- Visit Your Branch or App: You will apply for the Ma’al Card directly through your bank either by visiting your local branch or applying via your bank’s mobile application or website, just as you would for any other card.
- Choose Your Card Type: The Ma’al system supports multiple products, so you can specify whether you need a debit card (linked to your current account), a credit card, or a prepaid card.
The key step for now is to follow the announcements from the Central Bank of Oman and the participating local banks.
Who is eligible to get the Ma’al Card?
The Ma’al Card is designed to be the primary card for the entire country, meaning eligibility will be broad and tied to holding a bank account in Oman. All Omani citizens with a valid bank account at a participating institution will be eligible to apply. While the card primarily strengthens the national system, it is being rolled out by commercial banks. Therefore, legal residents of Oman (expatriates who hold a valid Residence Card/ID) who maintain a bank account with a participating local bank are expected to be eligible for the card.Since the Ma’al Card is intended to be a replacement for locally-issued cards currently relying on foreign networks, any customer who can currently receive a debit or credit card from a local Omani bank should be eligible for the Ma’al equivalent.
Does the Ma’al Card work internationally?
Initially, the Ma’al Card is focused on strengthening domestic payments within the Sultanate of Oman. At the time of its initial rollout, the Ma’al Card will be primarily valid for domestic use via the existing national network, OmanNet. This includes POS (point-of-sale) payments, ATM withdrawals, and e-commerce transactions within Oman.The CBO has stated that plans are underway to enable Ma’al Card acceptance across the GCC countries through a connection with the regional network, GCCNet.There is potential for future international acceptance through bilateral agreements, but this will be a later phase.In simple terms: Use it confidently everywhere in Oman. For immediate travel outside of Oman, you may still need a card that uses a major international network (like Visa or Mastercard) until the GCCNet integration is complete. Go to Source