In a significant move to enhance its status as a leader in the digital economy, Digital Dubai has introduced the “Dubai Cashless Strategy.” This initiative is designed to facilitate smooth and secure digital payment solutions across both government and private sectors. This strategy supports the goals outlined in the Dubai Economic Agenda (D33) and aims to promote the digital transformation of life in Dubai, emphasizing the vital role of digital payments in supporting the emirate’s diverse economic landscape.
The newly launched strategy seeks to ensure that cashless transactions account for 90% of all transactions across sectors by 2026. This ambitious plan is anticipated to generate over AED 8 billion annually through the advancement of innovative financial technology services and the growth of Dubai’s fintech industry.
H.E. Abdulrahman Saleh Al Saleh, Director General of Dubai’s Department of Finance, remarked, “Dubai enjoys an advanced and integrated financial ecosystem based on the latest international standards and cutting-edge technologies. The launch of the Dubai Cashless Strategy aligns with the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to enhance the emirate’s global position in the world of business and investment.”
Al Saleh highlighted that a remarkable 97% of government transactions in Dubai were conducted digitally in 2023. “Dubai Cashless Strategy is based on three axes: digital governance, financial technology and digital innovation, and society,” he added.
H.E. Helal Saeed Almarri, Director General of Dubai Department of Economy and Tourism (DET), stated, “The launch of the Dubai Cashless Strategy is a pivotal step in realizing the ambitions set forth in the Dubai Economic Agenda, D33, and further reinforces Dubai’s position as a global leader in the digital economy. By accelerating the adoption of digital payment solutions across government and private sectors, we are not only enhancing operational efficiency but also creating a vibrant ecosystem that fosters innovation, creativity, and entrepreneurship.”
He further emphasized, “This initiative, driven by the city’s visionary leadership, will support our goal to have 90% of all transactions conducted digitally by 2026, driving economic growth and solidifying Dubai’s standing as a global hub for business and finance. Achieving this target requires collaboration at all levels of government and partnerships with the private sector to create a seamless and secure digital landscape.
Through the Dubai Cashless Strategy, we are building the foundation for a resilient, forward-thinking economy that thrives on technology and innovation.”
Reflecting on the strategic importance of this initiative, His Excellency Hamad Obaid Al Mansoori, Director General of Digital Dubai, noted, “As the world swiftly transitions to a digital economy, cashless payments have become integral to daily life. In Dubai, we are building on our digital transformation achievements, including 100% paperless transactions, to advance toward completing the comprehensive digital life equation. This aligns with the vision of our wise leadership to establish Dubai as a global digital capital and an attractive destination for investments across all economic sectors, particularly the digital economy.”
He added, “Dubai is a pioneer in digital transformation, and the ‘Dubai Cashless Strategy’ aligns with the goals and ambitions of the Digital Dubai Strategy. This strategy aims to digitize life across various sectors, particularly the digital economy, a key pillar of the Dubai Economic Agenda D33, seeking to boost the emirate’s digital economy by over AED 100 billion. Dubai’s success in this approach is supported by its well-established digital lifestyle, especially in payment systems, whether via mobile phone, card, or contactless methods.”
Innovations Driving Digital Payment Experiences
The Dubai Cashless Strategy prioritizes innovations in digital payments, leveraging artificial intelligence (AI) and machine learning to deliver rapid, secure, and proactive payment experiences. The integration of contactless payment technologies and smart device transactions aims to provide users with a more seamless and connected experience. As the global landscape rapidly adopts advanced payment solutions, digital payments increasingly intersect with groundbreaking technologies such as digital wallets, wearable device payments, and AI, which are becoming fundamental in modern economies. Additionally, blockchain technology and digital currencies are reshaping the future of financial transactions.
As the financial technology (Fintech) sector evolves swiftly, Dubai is positioning itself to attract top-tier companies and specialized talent in this area. The cashless strategy aims to establish Dubai as a global center for the latest innovations in digital payment solutions, acting as a catalyst for advancements in the fintech realm.
Seamless and Secure Payment Experiences for All
The Cashless Strategy aims to provide customers, service providers, and merchants with a secure and smooth digital payment experience. By integrating various digital payment solutions, customers will find it easy to pay for any service or product, regardless of the method used. For service providers, these integrations will enhance the acceptance of digital payments, improve economic returns, and create opportunities for new payment solutions. Merchants will benefit from innovations that streamline the payment process, gradually reducing digital payment acceptance fees over the next four years.
The Crucial Role of Fintech in the Digital Economy
The financial technology (Fintech) sector is essential for achieving the objectives of the “Cashless Dubai” strategy. As a key component of digital transformation, the Fintech sector nurtures an environment conducive to economic growth, aligning with the Dubai Economic Agenda (D33), which aims to position Dubai as a global hub for financial technology. This strategy emphasizes fostering further innovations in this sector, attracting investments, and accelerating the growth of digital financial services, thereby reinforcing Dubai’s position as the capital of the digital economy.
Empowering Stakeholders as a Strategic Foundation
At the core of the Dubai Cashless Strategy is the empowerment of all stakeholders within the digital payment ecosystem, including individuals, service providers, and merchants. The strategy ensures ease and security in using digital payment solutions for everyone, while also offering a variety of flexible options. Furthermore, it aims to ensure that digital payments are accepted at all stores and points of sale in Dubai, allowing consumers to enjoy a seamless and flexible payment experience. The strategy also focuses on enhancing the integration between various payment service providers, ensuring that all digital solutions work in harmony, simplifying consumer choices, and boosting overall satisfaction.
