Dubai is ramping up efforts to shift away from physical money as it pushes forward with its ambitious Cashless Strategy, aiming to be among the top five cashless cities globally within the next two years.
First unveiled in October 2024, the Dubai Cashless Strategy envisions a future where all transactions—whether in the government or private sector—are completed digitally. By 2026, officials expect around 90 percent of payments in the emirate to be cashless, a move projected to contribute over AED 8 billion to the economy annually.
While the shift won’t eliminate money altogether, it will redefine how people use it—through banking apps, credit cards, and emerging fintech platforms powered by artificial intelligence and contactless technologies.
The most recent collaboration between Dubai Finance and Network International seeks to accelerate this transformation by rolling out user-friendly, fintech-led solutions to the public. Earlier this year, Dubai International Financial Centre (DIFC) joined forces with Dubai Finance to host workshops designed to help businesses transition smoothly into the digital payment landscape. These sessions also aim to introduce AI-driven systems that enhance convenience for residents, workers, and tourists alike.
Eventually, the goal is for every store in Dubai to accept digital payments and for all residents to be equipped to make cashless transactions—whether buying groceries, paying bills, or shopping at the souq.
The strategy was introduced during a meeting of the Executive Council of Dubai on October 1, 2024, chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai. The council also tackled other long-term plans, including developments in real estate, education, and transport.
