This initiative comes within the framework of its endeavor to enhance Dubai’s position as a global capital of the digital economy, and as part of the efforts aimed at accelerating the achievement of the goals of the Dubai Economic Agenda “D33”.
The strategy is aimed atCashless Dubai“Enhancing the emirate’s position as one of the most important digital cities in the world, by achieving more than 90 percent of cashless transactions in the government and private sectors by 2026.
The strategy is expected to contribute to enhancing economic growth by an increase of more than 8 billion dirhams annually, through developing a wide range of innovative financial technology services and accelerating the pace of growth of the financial technology sector in Dubai.
Abdul Rahman Saleh Al Saleh, Director General of the Department of Finance in the Government of Dubai, stressed that Dubai has an advanced and integrated financial system based on the latest international standards and is characterized by reliance on the latest technologies, noting that the launch of the “Cashless Dubai” strategy comes in line with the vision of Sheikh Mohammed bin Rashid Al. Maktoum, Vice President, Prime Minister and Ruler of Dubai, aiming to raise the emirate’s global standing in the world of business and investments.
He said that 97 percent of Dubai government transactions in 2023 were digital, adding that the “Cashless Dubai” strategy is based on three axes: Digital Governance, FinTech, Digital Innovation, and Society.
For his part, Helal Saeed Al Marri, Director General of the Department of Economy and Tourism in Dubai, said that this initiative will achieve Dubai’s goal of reaching more than 90 percent of cashless transactions by the year 2026, which will contribute to enhancing Dubai’s economic growth and consolidating its position as a global financial and business center. .
He said, “We realize the importance of establishing a digital environment characterized by ease and security, which can be achieved through close cooperation and corporate contracts between partners in the public and private sectors. Dubai’s cashless strategy will also help us establish a strong and advanced economy based on technology and innovation.”
Hamad Obaid Al Mansouri, Director General of Digital Dubai, pointed out that the world is moving at an accelerated pace towards the digital economy, as cashless payments have become an essential part of the daily lifestyle, noting what has been achieved in Dubai in terms of digital transformation and 100 percent paperless transactions.
He added, “Dubai is distinguished by its pioneering experience in digital transformation, and the ‘Dubai Cashless’ strategy is in harmony with the essence of Dubai’s digital strategy, which aims to digitize life in the world.” Dubai Through several axes, at the forefront of which is the digital economy, which constitutes an important tributary to the Dubai Economic Agenda D33, as it aims to strengthen the emirate’s economy by more than 100 billion dirhams. What helps in the success of this trend is that Dubai is characterized by a digital lifestyle in all fields, foremost of which is the field of payment in its many forms. Such as payment by mobile phone, card, or contactless payment.”
The strategy focuses on providing solutions based on artificial intelligence and machine learning to provide proactive, fast and secure payment experiences. Contactless payment technologies and payment via smart devices will also contribute to improving the user experience, making the payment experience more integrated and easier.
Dubai’s cashless strategy also seeks to provide a smooth and secure digital payment experience for customers, service providers and merchants alike. Linking different digital payment solutions will give customers the ability to easily pay for any service or product, regardless of the payment method used.
For service providers, these integrations contribute to expanding acceptance Digital paymentsAnd increase economic returns, in addition to creating opportunities to develop new payment solutions. As for merchants, the innovations will contribute to providing a smooth payment experience with a gradual reduction in fees for accepting digital payments over the next four years.
The financial technology sector (Fintech) plays a vital role in achieving the objectives of the “Cashless Dubai” strategy, and this sector is one of the basic pillars of supporting digital transformation and creating an ideal environment for economic growth, within the framework of the Dubai Economic Agenda “D33”, which aims to make Dubai a major center for financial technology. Worldwide.
The strategy seeks to enable more innovations in this sector, which will attract investments and accelerate the pace of growth in digital financial services. With this, Dubai will strengthen its position as the capital of the digital economy.
The “Cashless Dubai” strategy also focuses on empowering all parties involved in the digital payment process, including individuals, service providers and merchants, and aims to ensure the ease and security of using digital payment solutions for all members of society, while providing the freedom to choose preferred solutions from a variety of available options.
The strategy seeks to ensure digital payments are accepted in all stores and points of sale in Dubai, providing consumers with a flexible and easy payment experience. In addition, the strategy works to enhance integration between different payment service providers, ensuring that all digital solutions work in harmony and integration, making it easier for consumers to choose the appropriate solutions for them and increasing their level of happiness.
