Dubai Launches 'Cashless Strategy' to Drive Digital Payment Transformation

Digital Dubai has introduced the "Dubai Cashless Strategy," a groundbreaking initiative to promote secure digital payment solutions across both government and private sectors. This move is part of Dubai’s broader effort to solidify its position as a global leader in the digital economy.

Aligned with the goals of the Dubai Economic Agenda (D33) and Digital Dubai’s mission of “Digitalizing Life in Dubai,” the strategy emphasizes the importance of digital payments in empowering various economic sectors.

By 2026, the initiative aims for 90 percent of all transactions to be cashless, potentially boosting Dubai’s economy by AED 8 billion annually through fintech innovations.

Abdulrahman Saleh Al Saleh, Director-General of Dubai’s Department of Finance, highlighted that Dubai already has a highly advanced financial ecosystem, with 97 percent of government transactions conducted digitally in 2023. He further emphasized the strategy’s alignment with His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision for enhancing Dubai’s global business standing.

Helal Saeed Almarri, Director-General of Dubai Department of Economy and Tourism, reiterated the strategy’s critical role in achieving the Dubai Economic Agenda and supporting the goal of 90 percent digital transactions by 2026.

Hamad Obaid Al Mansoori, Director-General of Digital Dubai, added that cashless payments are essential to daily life and the emirate’s ambition to become a global digital capital. The strategy will focus on innovations like AI-driven payment solutions and contactless technologies, offering seamless and secure transactions.

This initiative is set to bolster Dubai’s fintech sector and foster further advancements in digital financial services, positioning the emirate as a leader in the global digital economy.

News Source: Emirates News Agency