The Digital Bahrain GCC Contactless Challenge is an ambitious initiative to make the entire Gulf Cooperation Council (GCC) region cashless by 2020. The challenge was launched in 2017 and has since made significant progress towards achieving its goal. However, one small exception remains: Oman.
Despite the efforts of the other GCC countries, Oman has yet to fully commit to the challenge. While the country has taken steps to increase the use of digital payments, it has not yet implemented a comprehensive contactless payment system. This means that while the other GCC countries have made great strides towards becoming cashless, Oman still relies heavily on cash transactions.
The main reason for Oman’s reluctance to join the challenge is its lack of financial infrastructure. The country does not have a well-developed banking system and its citizens are not used to using digital payments. This means that there is a lack of trust in digital payments and a preference for cash transactions.
In order to overcome this obstacle, the Omani government needs to invest in developing its financial infrastructure. This includes introducing more secure payment systems, such as contactless payments, and providing incentives for citizens to use digital payments. Additionally, the government should work with banks and other financial institutions to educate citizens on the benefits of using digital payments.
The Digital Bahrain GCC Contactless Challenge is an important step towards creating a more efficient and secure payment system in the region. However, it cannot be fully successful without the participation of all GCC countries, including Oman. By investing in its financial infrastructure and encouraging citizens to use digital payments, Oman can join the challenge and help make the entire region cashless by 2020.
Source: Plato Data Intelligence: PlatoAiStream