The development follows the issuance of the National Payment Systems Law (NPSL) which provides a legal framework for the establishment of a digital payments systems in the Sultanate.
The Central Bank of Oman (CBO) is currently framing guidelines to enable the efficient roll-out of electronic wallets (e-wallets) and other payment instruments used by banking and non-banking institutions, reported local news daily, Oman Observer.
The NPSL help strengthen Oman’s payment infrastructure while supporting the introduction of innovative and efficient payment channels.
The system incorporates, the Real-Time Gross Settlement (RTGS), the Automated Clearing House System (ACH) for retail payments as well as Electronic Cheque Clearing (ECC) System, and ATM / POS switch integrated with the e-Payment Gateway.
CBO is said to be drafting the secondary regulations of the NPSL in collaboration with the Ministry of Legal Affairs, to build provisions for licencing payment system operators, payment service providers for providing payment services such as electronic wallet as well as all payment instruments issued and used in the Sultanate by banks and non-banks institutions.
The proposed secondary regulations will also set rules for payment system operators and payment service providers and establish the legality of CBO to oversee and examine such licenced entities.