Dubai has announced its ambition for 90 per cent of transactions in the city to be digital as it rolls out a cashless society strategy.
Digital Dubai has introduced the “Dubai Cashless Strategy” to enhance secure digital payment solutions across both government and private sectors, reinforcing Dubai’s status as a global leader in the digital economy.
This initiative aligns with the objectives of the Dubai Economic Agenda (D33) and the vision of “Digitalising Life in Dubai.” It highlights the essential role that digital payments play in empowering and supporting various economic sectors within the emirate.
The strategy aims for cashless transactions to account for 90 per cent of all transactions by 2026. This transition could potentially boost economic growth by over AED 8B ($2.2B) annually through fintech innovations.
Abdulrahman Saleh Al Saleh, Director-General of Dubai’s Department of Finance, stated, “Dubai enjoys an advanced financial ecosystem based on international standards.” He noted that the Dubai Cashless Strategy is in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to enhance the emirate’s position in global business.
He also highlighted that 97 per cent of Dubai government transactions were digital in 2023.
Helal Saeed Almarri, Director-General of the Dubai Department of Economy and Tourism, added that the strategy is vital for achieving the Dubai Economic Agenda (D33) and aims for 90 per cent of transactions to be digital by 2026.
Hamad Obaid Al Mansoori, Director-General of Digital Dubai, emphasised that cashless payments are integral to daily life, aiming to establish Dubai as a global digital capital and an attractive investment destination.
The strategy prioritises innovations in digital payments, including AI-driven solutions and contactless technologies. It seeks to provide a seamless payment experience for both customers and merchants while diversifying payment methods and gradually reducing acceptance fees.
