Dubai cashless strategy: Why Dubai is moving on from physical money
The Dubai cashless strategy will eventually mean that all payments in the city across the government and private sectors will go digital.
The initiative, first announced in October 2024, aims to ditch notes and coins for digital payments throughout the emirate.
Cashless transactions are expected to hit around 90 percent of all transactions by 2026, potentially boosting economic growth by over Dhs8 billion annually.
Becoming cashless does not mean that money will be abandoned altogether but, instead, payments will be digital with banking apps and credit cards currently the main way to pay without physical notes or coins.
The strategy will also prioritise innovations in digital payments, including AI-driven solutions and contactless technologies to offer even more ways to pay.
And the latest development by DIFC and Dubai Finance means that there will be specialised workshops to help businesses make the switch. The collab will also bring AI-driven initiatives that add value for workers, tourists and the broader community by adopting digital payments.
In the presence of Ahmed bin Saeed, Dubai Finance signs a Memorandum of Understanding with the Dubai International Financial Centre to support the implementation of the Dubai Cashless Strategy. The agreement focuses on the strategy's three core pillars—governance, innovation, and… pic.twitter.com/toZv5W1Q1A
— Dubai Media Office (@DXBMediaOffice) May 16, 2025
The city plans for 100 percent of stores to accept digital payments and for everyone living in the city to be able to pay digitally.
That's right, bartering at the souq with notes or rummaging around the back of the sofa for long-lost change could soon be a thing of the past.
The Dubai Cashless Strategy was initially revealed late on Tuesday October 1 following a meeting of The Executive Council of Dubai.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, chaired that meeting, outlining that the city aims to make itself one of the top five cashless cities in the world.
.@HamdanMohammed chairs @TECofDubai's meeting; approves the Education Strategy 2033, the Real Estate Strategy 2033 and Dubai Cashless Strategy. pic.twitter.com/WKarLMvBmt
— Dubai Media Office (@DXBMediaOffice) October 1, 2024
Dubai has also outlined that it wants to make a range of financial technology services available to people in the city.
The plan to make the switch to becoming cashless has been brought about with consumers, payment service providers and merchants in mind with the move set to have a wider benefit of convenience and speedier payments throughout the emirate.
At the meeting, the city also discussed its overarching real estate strategies, plans for education and the future of transport in Dubai.
If you've got some spare pennies and have no idea what to do with them, then check out our guide on what to do with Dhs1 in Dubai.
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