English abstract
The aim of this project is to investigate the legal regulation of the electronic payment systems in the Sultanate of Oman. The project explores the conceptual foundation, emergence and characteristics of the electronic payment systems. It also recognizes the electronic payment method via bank cards by clarifying the nature of the bank cards, their legal foundation and the consequences following their utilization. This project intends to respond to the urgent need for legal protection of bank cards from forgery and to uncover modern means that help the Omani legislator to regulate the electronic payment systems.
The research reports a set of significant findings. One of the most important ones is that the banking movement in the sultanate has witnessed a huge positive development. The customers currently are able to easily and efficiently make purchases through the internet using electronic payment methods that are supported by a modern banking system. These electronic banking methods can now be found in different forms such as electronic cash, electronic checks and financial cards. The spread accessibility of bank cards in national and international levels has led to the emergence of numerous fraud and deception methods that can impact their utilization. Therefore, this project delineates on the imperative need to have an informed legal protection to these operations. The project also reports other important findings that include: the urgency to have a close monitoring system over banking operations, increase the competitiveness of banks and financial institutions with their global counterparts, and provide sufficient opportunities to greater presence of national banks in foreign markets.
The project concludes with a number of recommendations, which most importantly emphases the critical need to develop the human resources working in the banking system and to improve their training to be in line with the latest modern developments. Moreover, it is essential to have a prompt action to design the regulations and executive decisions of the National Payments Law 8/2018. It is also recommended to urgently consider, acquire and properly utilize the variety of efficient modern technological and communication means to develop the utilization of the electronic payment systems in Oman.
