What To Know
- The strategy was approved during a meeting of The Executive Council of Dubai, chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, where Dubai outlined its ambition to rank among the top five cashless cities in the world.
- The long-term goal is for 100 per cent of stores in Dubai to accept digital payments and for every resident to have access to cashless options.
- Dubai is moving closer to becoming a fully cashless city, with plans underway to shift almost all payments to digital platforms by the end of 2026.
Dubai is moving closer to becoming a fully cashless city, with plans underway to shift almost all payments to digital platforms by the end of 2026. Under the Dubai Cashless Strategy, both government and private sector transactions will increasingly rely on digital payment methods, reducing the need for physical cash across the emirate.
First announced in October 2024, the strategy aims to make around 90 per cent of all transactions cashless, a move expected to boost Dubai’s economy by more than Dhs8 billion annually. Rather than eliminating money altogether, the plan focuses on replacing notes and coins with banking apps, cards, contactless payments, and emerging fintech solutions.
Dubai Finance has confirmed that a large-scale awareness and promotional campaign is already in motion to support the transition. The initiative also places strong emphasis on innovation, including AI-powered payment systems and advanced contactless technologies, designed to make everyday transactions faster, safer, and more convenient.
Several partnerships are helping accelerate the shift. A Memorandum of Understanding between Dubai Finance and the General Directorate of Identity and Foreigners Affairs (GDRFA) will expand digital payment options for services such as visas and renewals. This means residents and visitors can expect smoother, fully digital government payments in the near future.
Tourists are also part of the plan. Emirates and flydubai have signed agreements with Dubai Finance to encourage digital payments among international travellers, many of whom still rely heavily on cash. These initiatives aim to make digital payment systems more accessible and user-friendly for visitors.
In addition, Dubai International Financial Centre (DIFC) has partnered with Dubai Finance to host specialised workshops and introduce AI-driven solutions to help businesses adapt. The long-term goal is for 100 per cent of stores in Dubai to accept digital payments and for every resident to have access to cashless options.
The strategy was approved during a meeting of The Executive Council of Dubai, chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, where Dubai outlined its ambition to rank among the top five cashless cities in the world.
As the city continues its rapid digital transformation, everyday habits—from shopping at souqs to paying for services—are set to change, marking a major step toward Dubai’s smart city future.
