Dubai has unveiled the “Dubai Cashless Strategy,” a bold initiative aiming to make 90% of all transactions cashless by 2026. This move is set to transform the city into a global leader in digital payments while potentially boosting economic growth by over AED 8 billion annually through innovations in financial technology.

The strategy’s rollout comes as part of Dubai’s larger vision to establish itself as a digital capital and a prime destination for investment.

According to Hamad Obaid Al Mansoori, Director-General of Digital Dubai, “Cashless payments are integral to daily life. We aim to establish Dubai as a global digital capital and an attractive investment destination.” The shift towards a cashless economy in the UAE will involve the widespread adoption of various payment methods, ultimately enhancing the convenience for both customers and merchants.

The strategy enjoys robust support from government entities, reflecting Dubai’s advanced financial ecosystem that adheres to international standards. Abdulrahman Saleh Al Saleh, Director-General of Dubai’s Department of Finance, highlighted that 97% of government transactions were already conducted digitally in 2023. This established digital infrastructure will serve as a foundation for accelerating the adoption of cashless payments across all sectors.

Helal Saeed Almarri, Director-General of the Dubai Department of Economy and Tourism, also emphasized the strategic importance of the initiative. He noted that the Cashless Strategy aligns with the Dubai Economic Agenda (D33), which aims to significantly increase the proportion of digital transactions in the economy.

The shift towards digital payment strategy in Dubai is expected to provide a seamless, secure, and efficient payment experience. By facilitating diverse payment methods and gradually lowering acceptance fees, the initiative aims to encourage both small businesses and large enterprises to embrace cashless transactions.