Dubai Cashless Strategy Launched To Boost Secure Digital Payments Across Sectors

Digital Dubai has introduced the "Dubai Cashless Strategy" to promote secure digital payment systems in both government and private sectors. This initiative supports Dubai's ambition to be a leading global digital economy hub. It aligns with the Dubai Economic Agenda (D33) and Digital Dubai’s mission of "Digitalizing Life in Dubai," highlighting the importance of digital payments in boosting all economic sectors within the emirate.

The strategy aims for 90 percent of transactions to be cashless by 2026, potentially increasing economic growth by over AED 8 billion annually through fintech innovation. Abdulrahman Saleh Al Saleh, Director-General of Dubai’s Department of Finance, stated, "Dubai enjoys an advanced financial ecosystem based on international standards. The Dubai Cashless Strategy aligns with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to enhance the emirate's global business position."

Helal Saeed Almarri, Director-General of Dubai Department of Economy and Tourism, emphasised that this strategy is crucial for achieving the goals set out in the Dubai Economic Agenda (D33). It supports the target of having 90 percent of transactions conducted digitally by 2026. The fintech sector is vital in reaching these objectives, strengthening Dubai's status as a digital economy leader and encouraging further innovations in digital financial services.

Hamad Obaid Al Mansoori, Director-General of Digital Dubai, remarked, "Cashless payments are integral to daily life. We aim to establish Dubai as a global digital capital and an attractive investment destination." The strategy focuses on innovations in digital payments, including AI-driven solutions and contactless technologies. It seeks to offer a seamless payment experience for customers and merchants while gradually reducing acceptance fees.

The strategy is designed to empower all stakeholders within the digital payment ecosystem. It ensures ease and security in digital transactions throughout the emirate. By prioritising diverse payment methods, it aims to facilitate a smooth transition towards cashless transactions, benefiting both consumers and businesses alike.

In 2023, 97 percent of government transactions in Dubai were already conducted digitally. This highlights the city's advanced financial infrastructure and commitment to international standards. The strategy not only enhances convenience but also positions Dubai as an attractive destination for investment by establishing it as a global digital capital.

The overall goal is to support economic growth through fintech advancements while ensuring that all sectors benefit from secure and efficient digital payment solutions. By fostering innovation in this area, Dubai continues to reinforce its reputation as a leader in the global digital economy.

With inputs from WAM