Digital Dubai has introduced the “Dubai Cashless Strategy” to boost secure digital payment solutions throughout both public and private sectors, reinforcing Dubai’s status as a leading global digital economy hub.
Alignment with economic goals
This initiative is in line with the goals of the Dubai Economic Agenda (D33) and Digital Dubai’s mission of “Digitalizing Life in Dubai.” It highlights the essential role that digital payments play in empowering and supporting all economic sectors within the emirate. The strategy aims for cashless transactions to represent 90 percent of all transactions by 2026, which could potentially enhance economic growth by over AED8 billion annually through financial technology innovations.
Sophisticated ecosystem
Abdulrahman Saleh Al Saleh, director-general of Dubai’s Department of Finance, noted that Dubai boasts a sophisticated financial ecosystem that adheres to international standards and stated that the Dubai Cashless Strategy aligns with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to strengthen the emirate’s position in the global business arena. Al Saleh further pointed out that 97 percent of government transactions in Dubai were conducted digitally in 2023.
Helal Saeed Almarri, director-general of the Dubai Department of Economy and Tourism, emphasized the strategy’s crucial role in realizing the Dubai Economic Agenda (D33) and supporting the aim of achieving 90 percent digital transactions by 2026.
Vision for a cashless future
Moreover, Hamad Obaid Al Mansoori, director-general of Digital Dubai, remarked on the fundamental nature of cashless payments in daily life and expressed the goal of positioning Dubai as a global digital capital and an appealing destination for investment.
Focus on innovation in digital payments
The strategy focuses on advancing innovations in digital payments, including AI-driven solutions and contactless technologies. It aims to deliver a seamless payment experience for both customers and merchants, promoting a variety of payment methods while gradually reducing transaction fees.
Role of fintech in economic growth
The fintech sector is vital in meeting the objectives of this strategy, further establishing Dubai’s reputation as a digital economy leader and encouraging ongoing advancements in digital financial services.
Empowering the digital payment ecosystem
Moreover, the Dubai Cashless Strategy is designed to empower all participants in the digital payment ecosystem, ensuring convenience and security in digital transactions throughout the emirate.
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