Dubai launches 'cashless strategy' to boost economy by over Dh8 billion yearly

The strategy aims for cashless transactions to account for 90 per cent of all transactions by 2026

By WAM

Published: Wed 9 Oct 2024, 6:47 PM

Last updated: Wed 9 Oct 2024, 9:03 PM

Digital Dubai has launched the "Dubai Cashless Strategy" to enhance secure digital payment solutions across government and private sectors, supporting Dubai's position as a global digital economy capital.

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 strategy aims for cashless transactions to account for 90 per cent of all transactions by 2026, potentially boosting economic growth by over Dh8 billion annually through fintech innovation.

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The strategy prioritises innovations in digital payments, including AI-driven solutions and contactless technologies. It seeks to provide a seamless payment experience for customers and merchants, facilitating diverse payment methods and gradually reducing acceptance fees.

The fintech sector plays a crucial role in achieving the strategy's objectives, reinforcing Dubai's status as the digital economy capital and fostering further innovations in digital financial services.

Overall, the Dubai Cashless Strategy is designed to empower all stakeholders in the digital payment ecosystem, ensuring ease and security in digital transactions across the emirate.

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 Sheikh Mohammed bin Rashid Al Maktoum to enhance the emirate's global business position."

He noted that 97 per cent of Dubai government transactions were digital in 2023.

Helal Saeed Almarri, Director-General of Dubai Department of Economy and Tourism, added that the strategy is pivotal for achieving the Dubai Economic Agenda (D33) and supports the goal of having 90 per cent of transactions conducted digitally by 2026.

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."

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