Significant Drop in Cheque Usage with Growth in Online Transactions in Oman
The use of cheques in Oman has decreased significantly. According to the Central Bank of Oman (CBO), the number of cheques used has dropped from 4.7 million in 2018 to 3.7 million in 2023. This decline is attributed…
The use of cheques in Oman has decreased significantly. According to the Central Bank of Oman (CBO), the number of cheques used has dropped from 4.7 million in 2018 to 3.7 million in 2023. This decline is attributed to the increased use of online transactions and digital payments that are gradually replacing traditional paper-based methods.
The number of returned cheques has also decreased to 362,000 in 2023, marking a 9.8 percent reduction compared to the previous year.
The Central Bank of Oman is reviewing new regulations that would allow banks to process partial payments for cheques in cases of insufficient account funds. These changes could contribute to further reductions in returned cheques and enhance the efficiency of payment systems.
Meanwhile, mobile payments have seen a significant increase, with a 726 percent rise in transaction volume and a 507 percent increase in value in 2023, reflecting a rapid shift towards digital payment methods.
Source: Significant Drop in Cheque Usage with Growth in Online Transactions in Oman – Times of Oman
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