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Accelerating the shift towards a cashless society

With over 40 years of trusted presence, Visa is helping Dubai lead the way in payment innovation, supporting the UAE’s move towards a cashless future with cutting edge solutions and strategic investments

The UAE is making significant strides toward a cashless society, with more consumers embracing digital commerce and businesses entering the digital economy. Dubai has emerged as a leader in payment innovation, with over 90 per cent of in-store digital transactions now contactless — on par with major financial hubs like Singapore, London, and New York. Visa International has played an important role in the country’s digital transformation.

Visa has been a trusted partner in Dubai for over 40 years, playing a pivotal role in shaping the region’s payment landscape. Over the years, the company has seen a significant shift towards digital payments, and the feedback from residents has been encouragingly positive. People appreciate the convenience, security, and speed that Visa’s solutions bring to their everyday transactions. Whether it’s using contactless payments for daily purchases or sending money globally through digital apps, residents are embracing these innovations, while Visa continues to enhance their digital payment experience.

“Visa is fully on board with the Dubai government’s digitise life in Dubai and Dubai Cashless Strategy initiatives. These efforts align perfectly with our commitment to advancing digital payments and fostering a cashless economy. By prioritising secure, efficient, and accessible digital solutions, these initiatives will enhance financial inclusion, drive economic growth, and lay the groundwork for a digitally advanced future in Dubai,” says Salima Gutieva, Visa’s VP and Country Manager for UAE. She considers these initiatives as not only feasible but also well on their way to success.

They are on the sure path to success because Dubai has built a strong foundation with its rapid economic growth, especially driven by the travel and retail as well as the real estate sectors. The combination of a stable political environment and uncomplicated entry visa policies for remote workers is attracting a continuous influx of new residents.

In addition, Dubai’s digital infrastructure — with high internet penetration and a government that is heavily invested in financial inclusion — the city is positioned as a leader in payment innovation. The widespread adoption of new payment technologies and its ambition to be a global hub for financial and payment technology are very much in motion, thereby ensuring continued growth.

More people, now trust digital payments. The UAE’s card payments market is expected to top $200 billion by 2028. Also, the country’s e-Commerce market, which is growing rapidly, is expected to reach over Dh48 billion by 2028. The UAE is already leading in financial inclusion, with 85 per cent of residents aged 15 and above using formal financial services. Even for outbound remittances from the UAE, around 60 per cent of residents now prefer using digital apps -over physical, traditional methods — for remittances.

“All these factors make it clear that the push towards a cashless society is well on track. Visa has made significant investments, including our CEMEA regional headquarters and Innovation Centre right here in Dubai. Our digital acceptance and payment solutions like Click to Pay, Visa Direct Alias, and Tap to Phone are helping businesses and consumers make the shift to a fully digital economy. We are also collaborating closely with the government on smart city projects, integrating secure digital payments into infrastructure like the Ajman Transport Authority,” explains Gutieva.

“Over Visa’s 60-year history, we have been the driving force enabling commerce in every corner of the world, uplifting everyone, everywhere by being the best way to pay and be paid, giving people access to money whenever they want, however, they want, and wherever they want. Financial access is fundamental to everything we do because we link billions of buyers and sellers across hundreds of countries. At Visa, we are excited to be a part of this transformation.”

In the UAE, Visa is also empowering fintech startups through programs like Visa Fintech Fast Track and Visa Everywhere Initiative, which are designed to bring innovative solutions to the market. The company is also supporting SMEs, especially women entrepreneurs, through initiatives such as the She’s Next program, which helps women-led businesses thrive in the digital world.

One of Visa’s latest products is the Visa Flexible Credential, now available in the UAE in partnership with Liv, the first digital bank in the Mena region to debut the solution. This product allows consumers to seamlessly pay from different funding sources — debit or credit — using a single card. It is a game changer, especially for UAE residents who are increasingly spending in multiple currencies. With Visa data showing a 30 per cent year-on-year growth in outbound payments from the UAE, the Flexible Credential helps manage this by automatically selecting the appropriate account for each currency, whether shopping online or in-store. Users can also move funds between local and foreign currency accounts via the mobile app for added convenience. The product supports six popular currencies: the US dollar, British pound, euro, Canadian dollar, and Australian dollar. It’s available to both new and existing Liv customers, offering a simpler, more transparent way to handle multi-currency spending.

“We have also launched Visa Instalment Solutions (VIS) in response to consumer demand for flexible payment options. A recent survey showed that 48 per cent of UAE consumers find instalments helpful for managing high prices, while 37 per cent use them for unexpected expenses. This solution enables customers to make purchases and pay in instalments, helping them manage their finances more easily while encouraging responsible usage,” adds Gutieva.

Responsible usage of financial products includes knowing that transactions are risk-free and secure since cybercrime is rampant in today’s digital world. Security and innovation are core to Visa’s mission. Over the past five years, Visa has invested more than $10 billion in cybersecurity globally because trust is the foundation of any payment system.

“We also leverage AI and machine learning to analyse transactions in real-time, further enhancing fraud prevention and security. Visa offers the Visa Acceptance Platform (CyberSource). This platform uses tokenisation technology to protect sensitive card information by replacing it with unique identification symbols, ensuring that essential data is retained without compromising security. This technology has generated approximately $40 billion in global e-commerce revenue and saved $650 million in fraud last year,” informs Gutieva.

The commitment of Visa to security extends beyond technology to even consumer education. A 2023 Visa survey in the UAE revealed that 9 in 10 consumers overlook warning signs of online fraud. Gutieva explains further: “We’ve been working closely with Dubai Police to launch the Stay Secure campaign, aimed at boosting consumer confidence in safe digital payments.

Additionally, Visa has signed an MOU with Dubai Police’s Operation Centre for Economic Crimes (OCEC), combining our expertise in digital payment security with their enforcement capabilities to combat economic crimes. Visa will continue to lead the way in secure, user-centric payment solutions, empowering businesses and residents of Dubai with the technology they need for a safe, seamless digital experience.”

Visa already provides all of the key elements outlined in Dubai’s Cashless Strategy. The AI-driven solutions of Visa focus on real-time fraud detection, ensuring secure transactions. The Click to Pay solution enhances the e-commerce experience, while Visa Direct enables seamless money remittance. Visa also works with travel partners like Emirates Skywards to promote digital payments for travel and support contactless payments on public transport. Visa is dedicated to driving these innovations and will continue to support Dubai’s vision for a cashless future.

“Through strategic investments and collaboration with Dubai’s government, financial institutions, merchants and fintechs, Visa is committed to accelerating the shift towards a cashless society. We aim to build trust and inclusion, ensuring every transaction is secure, simple, and efficient. As Dubai leads the way in digital payments, Visa will continue to be at the forefront, shaping the future of finance for businesses and consumers alike,” affirms Gutieva.