Digital Dubai announced the launch of Dubai Cashless Strategy across government and private sectors

Digital Dubai formally announced the introduction of the "Dubai Cashless Strategy" to the public and private sectors on Wednesday, October 9. The project intends to replace cash payments in the city with digital ones. By 2026, cashless transactions are expected to account for over 90% of all transactions, which could contribute more than Dhs8 billion in yearly economic growth. 

Being cashless does not imply giving up money entirely; rather, payments will be made digitally, with credit cards and banking apps serving as the primary means of making purchases without the use of cash or coins. However, in order to provide even more payment options, the approach will also give priority to advancements in digital payments, such as AI-driven solutions and contactless technology.

The city intends for all residents to be able to make digital payments, and for all stores to accept them. However, in order to provide even more payment options, the approach will also give priority to advancements in digital payments, such as AI-driven solutions and contactless technology.

The Executive Council of Dubai convened and, later on Tuesday, October 1, the Dubai Cashless Strategy was first unveiled. 

The conference was presided over by Dubai's Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, who also stated that the city wants to rank among the top five cashless cities globally. The move is expected to have a wider benefit of convenience and faster payments throughout the emirate. The plan to go cashless was developed with consumers, payment service providers, and merchants in mind.