Over 1,100 firms violated cashless payment regulation

The Ministry of Commerce, Industry and Investment Promotion (MOCIIP) conducted an inspection campaign in 2023 covering 4,911 commercial establishments to enforce the adoption of electronic payment systems. The ministry found 1,183 of these businesses noncompliant with the mandatory electronic payment regulations.

This enforcement drive aligns with MOCIIP’S regulations - effective from January 1, 2022 - mandating electronic payment options in commercial activities. An official from MOCIIP elaborated on the ministry's rigorous approach to ensure widespread availability of electronic payment devices across various sectors.

The official emphasised the ministry's directive requiring all institutions and companies to integrate electronic payment services in their stores and outlets. This exercise, in collaboration with banks and payment service providers, encompasses a wide range of activities. It includes industrial areas, commercial centres, gift markets, food sales outlets, gold and silver shops, restaurants, cafes, fruit and vegetable vendors, building materials suppliers and tobacco retailers, besides transactions for electronic items.

Central Bank of Oman, in coordination with banks and service providers, has facilitated this transition by providing point-ofsale devices to merchants at no installation or annual fees. Only the transaction fees set by the central bank are applicable.

MOCIIP urged all businesses and companies to adhere to the electronic payment mandate to avoid legal action and to contribute to the digital transformation in Oman in line with Oman Vision 2040.

In other efforts to monitor compliance, the Inspection Department in Muscat alone carried out 652 visits to fuel stations, identifying 193 violations. Additionally, 73 exhibition venues were inspected for licensing compliance, resulting in four violation notices and the closure of one exhibition.

MOCIIP’S inspection campaign extended to scrutinising 833 commercial scales and goldsmiths, a move aimed at ensuring accuracy and fairness in trade practices. The ministry also supervised 195 lucky draws to guarantee transparency and fairness in business operations.

MOCIIP inspected 4,911 businesses in 2023 to enforce the adoption of electronic payment options