More business sectors to adopt electronic payment system in 2025
December 05, 2024
As of January, 2025, businesses in the following sectors are obligated to implement an electronic payment system through the application of both electronic cash registers and Point of Sale (POS) system.
The payment system implemented, should be capable of connecting with other systems using standard Application Programming Interfaces (APIs) (such as Rest APIs with json/xml format) and follow strict security protocols to protect taxpayer information in transmission and storage of data.
- Money ChangersÂ
- Funeral Parlours
- Manufacturing and Retailing of jewellery
- Electronic items
- Stores selling hardware, spare parts, building materials.
- Wholesale (categories similar to Retail)
The following sectors are obligated to implement only POS systemand not electronic cash register:
- Restaurant, takeaways, pubs, discotheques and bars
- Insurance
The implementation of the electronic payment system through a phased approach was discussed and reaffirmed by the Cabinet of Ministers on 11th September. This decision is part of the government’s digital economic agenda.
The mandatory implementation of the electronic payment system in different business sectors is also aimed at enhancing transparency and efficiency in business transactions, improving the management of tax revenue.
To recall, the implementation of the electronic payment system got underway in April 2023, with the grocery retail sector.
The Ministry, through the Trade department and its partners have held extensive discussions with various sectors on the implementation of the electronic payment system, ensuring a collaborative approach in this process.