The Rise of FinTech and the Journey Toward a Cashless Society: Investigating the Use of Mobile Payments by SMEs in Oman in the Context of Vision 2040

Hisham Al Ghunaimi, Faozi A. Almaqtari (), Ronald Wesonga and Ahmed Elmashtawy
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Hisham Al Ghunaimi: Accounting and Finance Department, College of Business Administration, A’Sharqiyah University, Ibra 400, Oman
Faozi A. Almaqtari: Accounting and Finance Department, College of Business Administration, A’Sharqiyah University, Ibra 400, Oman
Ronald Wesonga: Department of Statistics, College of Science, Sultan Qaboos University, Al-khod 123, Oman
Ahmed Elmashtawy: Accounting Department, Faculty of Commerce, Menoufia University, Shebin ElKoum 32511, Egypt

Administrative Sciences, 2025, vol. 15, issue 5, 1-29

Abstract: This study investigates the factors that affect the adoption of mobile payment systems in Oman, focusing specifically on small and medium-sized enterprises (SMEs) within the expanding FinTech landscape. By utilizing secondary sources of data from the Central Bank of Oman and global FinTech reports, this research identifies essential enablers, such as security features and ease of use, which are propelled by developments in FinTech solutions. It also addresses the obstacles, such as high transaction fees and issues with authentication, that impede SMEs from embracing these technologies. Through an examination of worldwide FinTech adoption patterns, this research offers perspectives on Oman’s progress toward becoming a cashless society. This study employs sophisticated statistical techniques, including histograms and correlation analysis, to reveal significant trends in the rates of mobile payment adoption. The results emphasize the necessity for cooperative efforts among regulators, financial entities, and FinTech developers to minimize costs, strengthen digital infrastructure, and enhance user experiences. These findings are consistent with Oman’s Vision 2040, which aims to foster financial inclusion and propel the country’s shift toward a robust, digitally oriented economy powered by FinTech innovation.

Keywords: FinTech; mobile payment; Apple Pay; Google Pay; Oman Vision 2040; small and medium-sized enterprises (SMEs) (search for similar items in EconPapers)
JEL-codes: L M M0 M1 M10 M11 M12 M14 M15 M16 (search for similar items in EconPapers)
Date: 2025
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