Digital Dubai has launched the ‘Dubai Cashless Strategy’, aimed at enabling seamless and secure digital payment solutions across both government and private sectors. 

 

This initiative aligns with the objectives of the Dubai Economic Agenda (D33) and Digital Dubai’s goal of Digitalising Life in Dubai, underscoring the critical role of digital payments in empowering and supporting all economic sectors within the emirate.

 

The ‘Dubai Cashless Strategy’ seeks to solidify Dubai’s standing as one of the world’s leading digital cities by targeting cashless transactions to be 90% of all transactions across both government and private sectors by 2026. The strategy is projected to boost economic growth by more than AED8 billion ($2.2 billion) annually through the development of innovative financial technology services and the accelerated growth of Dubai’s fintech sector.

 

Integrated financial ecosystem

Abdulrahman Saleh Al Saleh, Director General of the Dubai’s Department of Finance, said: “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 HH 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 revealed that 97% of Dubai government transactions in 2023 was digital. “Dubai Cashless Strategy is based on three axes: digital governance, financial technology and digital innovation, and society,” he added.

 

Helal Saeed Almarri, Director General of Dubai Department of Economy and Tourism (DET), said: “The launch of the Dubai Cashless Strategy is a pivotal step in realising 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.”

 

“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,” he added.

 

Integral to life

Hamad Obaid Al Mansoori, Director General of Digital Dubai, stated: “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.”

 

“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 digitise 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 AED100 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," he added.

 

Key innovations in payment experiences

Innovations in digital payments are central to the Dubai Cashless Strategy, which emphasises solutions driven by artificial intelligence (AI) and machine learning to deliver proactive, fast, and secure payment experiences. Contactless payment technologies and smart device payments will further enhance the user experience, making transactions more seamless and integrated. 

 

As the world rapidly embraces advanced payment solutions, digital payments are increasingly merging with cutting-edge technologies such as digital wallets, wearable device payments, and AI, which are now fundamental to modern digital economies. Additionally, blockchain technology and digital currencies are offering a transformative vision for the future of financial transactions.

 

As the global financial technology (Fintech) landscape evolves at an unprecedented pace, Dubai is positioning itself to attract leading companies and specialised talent in this field. Through its cashless strategy, Dubai aims to become a global hub for the latest financial innovations in digital payment solutions, serving as an incubator for these global advancements and a key leader in the future of fintech.

 

Smooth and secure payment experience for all sectors

Dubai’s Cashless Strategy aims to deliver a seamless and secure digital payment experience for customers, service providers, and merchants alike. The integration of diverse digital payment solutions will enable customers to easily pay for any service or product, regardless of the payment method. For service providers, these integrations will expand the acceptance of digital payments, boost economic returns, and create opportunities for developing new payment solutions. Meanwhile, for merchants, these innovations will ensure a smooth payment process, with a gradual reduction in digital payment acceptance fees over the next four years.

 

The importance of the fintech sector

The financial technology (Fintech) sector plays a crucial role in realising the goals of the “Cashless Dubai” strategy. As a key pillar of digital transformation, the Fintech sector fosters an ideal environment for economic growth in line with the Dubai Economic Agenda (D33), which aims to establish Dubai as a global hub for financial technology. The strategy focuses on enabling further innovations within this sector, attracting investments, and accelerating the growth of digital financial services, thereby reinforcing Dubai’s position as the capital of the digital economy.

 

Empowerment: The Foundation of Strategy

The Dubai Cashless Strategy is centered on empowering all stakeholders in the digital payment ecosystem, including individuals, service providers, and merchants. The strategy aims to guarantee ease and security in using digital payment solutions for everyone, while offering the flexibility to choose from a wide range of options. It also strives to ensure that digital payments are accepted across all stores and points of sale in Dubai, providing consumers with a seamless and flexible payment experience. Additionally, the strategy enhances the integration between different payment service providers, ensuring that all digital solutions work harmoniously, simplifying consumer choices, and increasing overall satisfaction.--TradeArabia News Service