Digital Dubai Unveils New 'Cashless Strategy' to Boost Digital Payments

Photo: Government of Dubai Media Office

Digital Dubai has officially launched the "Dubai Cashless Strategy," aimed at enhancing secure digital payment solutions across both government and private sectors. This initiative is designed to support Dubai’s ambition to be a global leader in the digital economy, aligning with the broader objectives of the Dubai Economic Agenda (D33) and the goal of "Digitalizing Life in Dubai."

The strategy sets an ambitious target for cashless transactions to represent 90 percent of all financial transactions by 2026. By doing so, it is projected to contribute over AED 8 billion annually to economic growth through fintech innovations.

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Abdulrahman Saleh Al Saleh, Director-General of Dubai’s Department of Finance, emphasized that Dubai benefits from a sophisticated financial ecosystem built on international standards. He highlighted that the "Dubai Cashless Strategy" reflects the vision of leadership to strengthen the emirate’s position as a global business hub. In 2023, a remarkable 97 percent of transactions conducted by the Dubai government were digital.

Helal Saeed Almarri, Director-General of Dubai Department of Economy and Tourism, underscored the importance of this strategy in achieving the Dubai Economic Agenda (D33). He reiterated the goal of having 90 percent of transactions processed digitally by 2026, which is seen as pivotal for economic transformation.

Hamad Obaid Al Mansoori, Director-General of Digital Dubai, stated that cashless payments are becoming an integral part of daily life in the emirate. The aim is to position Dubai as a global digital capital and a preferred destination for investment.

The strategy emphasizes the need for innovation in digital payment systems, incorporating AI-driven solutions and contactless technologies to ensure a seamless payment experience for both customers and merchants. This will include a diverse range of payment methods while gradually reducing acceptance fees to encourage wider participation.

The fintech sector is expected to play a vital role in the success of this strategy, further reinforcing Dubai's standing as a hub for digital financial services. Overall, the Dubai Cashless Strategy is crafted to empower all stakeholders in the digital payment ecosystem, ensuring that digital transactions are easy and secure across the emirate.