Latest news with #DubaiCashlessStrategy
Time Out Dubai
23-05-2025
- Business
- Time Out Dubai
Dubai cashless strategy: Why Dubai is moving on from physical money
Dubai big plans to eventually become a cashless city. 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… — 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. — 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. Looking for things to do in Dubai? 112 best things to do in Dubai in 2025 Everything to tick off your Dubai bucket list 50 free things to do in Dubai Feeling the pinch? Enter free things to do Here's how to eat at 10 expensive Dubai restaurants for less Early bird dinners, lunch specials and more
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Powering a cashless economy through fintech revolution
In a world rapidly shifting toward digitisation, the UAE has emerged as a regional — and global — trailblazer in the race to build a cashless economy. With an ambitious vision anchored in innovation, the country is redefining the future of finance, commerce, and customer experience. Leading this transformation is Dubai's strategic push to eliminate cash dependency, paving the way for a smarter, faster, and more secure financial ecosystem. At the heart of this evolution is the Dubai Cashless Strategy, a bold initiative launched by Digital Dubai with the goal of ensuring that 90% of all transactions are digital by 2026. This move aligns with Dubai's wider ambition to become one of the top digital cities in the world. By accelerating digital payments and financial innovation, the strategy is expected to inject more than Dh8 billion ($2.17 billion) into the economy annually. AI and machine learning technologies are being integrated into payment systems to enable real-time fraud detection, personalized financial services, and smarter decision-making across financial touchpoints. A Progressive Yet Balanced Ecosystem 'The UAE's digital payment ecosystem in 2025 is both highly progressive and uniquely balanced,' says Hennie Du Plessis, Senior Vice President – Financial Institutions, Middle East & Africa at IDEMIA. Citing findings from IDEMIA Secure Transactions' 2024 global survey on consumer payment trends, he notes that over 50% of UAE residents now regularly opt for cashless transactions. Interestingly, 67% still carry two or more physical cards — an insight that underscores the duality of consumer behaviour in the region. 'This tells us that while the digital infrastructure is accelerating rapidly, consumer trust in physical cards remains deeply rooted,' Du Plessis explains. 'The dual preference reflects a mature ecosystem that seamlessly integrates both digital innovation and physical reliability.' This coexistence of digital and traditional payment methods signals a nuanced and sophisticated market, where consumers are empowered with choice and confidence, and businesses are equipped to meet evolving expectations. At the heart of this transformation lies robust government policy. The UAE's leadership has played an instrumental role in driving the nation towards a cashless economy through strategic frameworks and future-focused initiatives. 'Government policy has been a driving force,' affirms Du Plessis. 'Programmes like the UAE Central Bank's Financial Infrastructure Transformation (FIT) strategy and broader smart government initiatives are setting a foundation for secure, real-time digital transactions.' The FIT programme, in particular, is designed to enhance interoperability, boost financial inclusion, and create an environment conducive to fintech innovation. These efforts ensure that regulatory frameworks evolve in tandem with technological advancements, allowing both consumers and financial institutions to adopt digital solutions with confidence. Key Milestones According to Du Plessis, the nation has already achieved several significant milestones that reflect its digital maturity. 'Key milestones include the rise in contactless payments, mainstream adoption of digital wallets, and the launch of innovative smart cards with state-of-the-art designs — like metal and illuminated cards — and functionalities such as biometric payment options,' he says. Biometric technology, in particular, is emerging as a key enabler of secure, frictionless payments. ' Biometric payments readiness is especially high, with 98% of UAE consumers open to using at least one biometric method to pay, and 69% expressing specific interest in fingerprint-based transactions,' Du Plessis adds. Looking ahead, the next wave of innovation will focus on enhancing payment accessibility and experience. Du Plessis outlines the future roadmap: 'The next steps lie in expanding wearable payment technologies and blockchain-based platforms, while ensuring inclusive access across all age and income segments.' As the market matures, specific innovations within the digital payment space are gaining strong traction. QR code payments and Buy Now, Pay Later (BNPL) services are witnessing rapid adoption, especially in dynamic sectors like e-commerce, food & beverage, and urban mobility. 'The UAE consumers are increasingly opting for frictionless checkouts and contactless retail experiences,' Du Plessis observes. 'This is being enabled through wallet integration, tokenisation, and one-click transactions offered by solutions like Tap To Pay.' An Ecosystem Built on Collaboration Unlike fragmented global markets where banks and fintechs often operate in silos, the UAE has created an environment of strategic cooperation. According to Du Plessis, this synergy is driving the nation's fintech revolution. 'In contrast to more fragmented markets, the UAE's ecosystem is uniquely collaborative,' says Du Plessis. 'Fintechs here benefit from regulatory sandboxes, investor access, and a supportive public sector.' This collaborative environment is compelling traditional banks to modernise and innovate at pace. 'Traditional banks are responding by launching digital-first services, while neobanks and tech players are pushing the boundaries of seamless UX,' he adds. The result is a dynamic, healthy competition where innovation is accelerated — but not at the expense of consumer trust. Security as the Cornerstone of Innovation As digital payments become the norm, security has emerged as the foundation upon which user trust is built. In the UAE, where 84% of residents identify online fraud as a primary concern, financial institutions are doubling down on safeguarding every transaction. 'Security is front and center in every payment conversation,' Du Plessis notes. 'Technologies such as chip-level encryption, tokenization, and biometric authentication are now widely adopted to safeguard transactions end to end.' These advanced security layers not only protect against present-day cyber threats but also ensure that user-facing innovation — like seamless mobile payments or biometric card transactions — is meaningful and reliable. The industry's next major frontier in security lies in anticipating and mitigating the threat of quantum computing. As the potential for cryptographic vulnerabilities grows, financial institutions must adopt next-generation security standards to stay ahead. 'With quantum computing advancing, the threat of cryptographic vulnerabilities is no longer theoretical,' Du Plessis warns. 'This is driving a global shift toward post-quantum cryptographic standards and the deployment of next-generation secure chipsets embedded in cards, devices, and payment terminals.' These emerging technologies are designed to resist future quantum attacks and preserve the integrity of financial transactions well into the future. The UAE, with its progressive policies and appetite for innovation, is in a strong position to lead this transformation. 'We expect post-quantum-ready encryption to become a defining benchmark for compliance, trust, and operational resilience — not only for financial institutions, but across the broader payments and digital identity ecosystem. The future of secure payments will depend on the industry's ability to stay ahead of emerging threats by investing in resilient technologies that ensure transactions remain safe, trusted, and future-ready,' Du Plessis adds. While the UAE is clearly embracing digital payments at an unprecedented scale, the future may not completely eliminate cash. Instead, it will shift to a smart-payment-first economy where cash is relegated to niche or legacy use cases. 'The UAE is clearly on a trajectory toward a predominantly cashless economy, but not necessarily a cash-free one,' says Du Plessis. 'Cash might be reserved for specific use cases, while most transactions will be driven by digital channels — powered by smart cards, wearables, mobile wallets, and embedded payment technologies.' Interestingly, despite the rise of digital wallets and contactless solutions, physical payment cards are expected to maintain — and even increase their relevance. 'Physical payment cards will still play a central role, particularly among premium segments where tangibility and brand experience continue to matter,' Du Plessis adds. Shaping the Future of Financial Intelligence The role of AI and machine learning in banking and payments will evolve from operational support to strategic enablers of hyper-personalisation and proactive security. According to Du Plessis, these technologies will 'drive hyper-personalized banking, fraud detection, and predictive risk analysis.' Consumers can expect AI to not only offer tailored financial products based on real-time behaviors and preferences but also act as a frontline defense against increasingly sophisticated fraud threats. 'Blockchain will streamline everything from real-time cross-border payments to digital identity verification,' Du Plessis explains. Tokenised assets are gaining traction as consumers and businesses look for faster, more transparent ways to manage and transfer value. IDEMIA, for instance, is leading the charge with secure hardware wallets like which empower users to manage crypto assets with enhanced security and user control. As the UAE looks ahead, the convergence of AI, blockchain, and advanced payment infrastructure is setting the stage for a resilient financial ecosystem built on intelligence, speed, and trust. 'These technologies will define a new era of secure, intelligent financial infrastructure in the UAE,' Du Plessis affirms.
Hi Dubai
19-05-2025
- Business
- Hi Dubai
Dubai Finance and DIFC Partner to Accelerate Cashless Transformation
Dubai Finance (DOF) and the Dubai International Financial Centre (DIFC) have signed a strategic agreement to drive forward the Dubai Cashless Strategy, marking a major step in the emirate's push towards a fully digital financial future. The Memorandum of Understanding (MoU), signed during the Dubai FinTech Summit in Madinat Jumeirah, focuses on three key pillars — Governance, Innovation, and Society. It aims to enhance collaboration on financial digitalisation, drawing on DIFC's position as the region's leading financial innovation hub. The signing was held in the presence of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Supreme Fiscal Committee. The agreement was formalised by Abdulrahman Saleh Al Saleh, Director-General of DOF, and Essa Kazim, Governor of DIFC. Al Saleh highlighted the partnership as a crucial move in aligning with Dubai's vision to become a global financial centre. 'This agreement accelerates our shift to a fully integrated digital financial system,' he said. 'Through this collaboration, we aim to foster innovation in digital payments and build a secure, adaptable ecosystem.' Essa Kazim noted the MoU supports the broader vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to position Dubai as a digital economy leader. 'DIFC will continue to provide an enabling environment for fintech growth and sustainable innovation,' he said. As part of the initiative, workshops, innovation programmes, and AI-driven projects will be launched to support the transition to a cashless society. The agreement also leverages the DIFC Innovation Hub to boost adoption of digital payment solutions across various sectors, including tourism and public services. News source: Emirates News Agency
Gulf Business
18-05-2025
- Business
- Gulf Business
Dubai Finance, DIFC sign MoU to advance cashless strategy
Image: Dubai Media Office/ For illustrative purposes Dubai Finance (DOF) and the Dubai International Financial Centre (DIFC) have signed a memorandum of understanding (MoU) to support the implementation of the Dubai Cashless Strategy, focusing on the initiative's three core pillars: governance, innovation, and society. The agreement aims to enhance the exchange of information and expertise in financial digitalisation, leveraging DIFC's position as the region's leading financial innovation ecosystem. A key step in advancing the Dubai Cashless Strategy 'This agreement marks a significant milestone in advancing the Dubai Cashless Strategy and accelerating the shift towards a fully integrated digital financial future,' said Abdulrahman Saleh Al Saleh, DG of DOF. 'Guided by the vision and directives of our leadership, we are committed to positioning Dubai as a global financial hub. DIFC plays a central role in strengthening Dubai's standing among the world's leading financial centres, with its advanced regulatory framework and world-class infrastructure. 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… — Dubai Media Office (@DXBMediaOffice) Essa Kazim, governor of DIFC, added, 'This partnership with Dubai Finance supports the Dubai Cashless Strategy. At DIFC, we remain committed to fostering an enabling environment for fintech companies to thrive.' The agreement includes the organisation of specialised workshops to support best practices for a cashless economy and to facilitate the adoption of digital payment channels. It also encompasses collaboration with DIFC's Innovation Hub to explore AI-driven initiatives that benefit residents, tourists, and the wider community. Additionally, the MoU supports innovation programmes and accelerators aimed at developing advanced, accessible, and efficient digital financial solutions. Read:
Arabian Post
17-05-2025
- Business
- Arabian Post
Dubai Advances Cashless Economy with Strategic Financial Alliance
Dubai's Department of Finance and the Dubai International Financial Centre have formalised a partnership to accelerate the emirate's transition to a cashless economy. The agreement, signed in the presence of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Supreme Fiscal Committee, underscores the shared commitment to the Dubai Cashless Strategy, which aims for 90% of all transactions to be digital by 2026. The Memorandum of Understanding was signed by Abdulrahman Saleh Al Saleh, Director-General of DOF, and Essa Kazim, Governor of DIFC. The collaboration focuses on three core pillars: Governance, Innovation, and Society, with an emphasis on enhancing the exchange of information and expertise in financial digitalisation. Essa Kazim highlighted DIFC's role as a regional leader in financial innovation, stating that the centre's ecosystem is well-positioned to support the strategy's objectives. DIFC hosts the largest concentration of fintech companies and global financial institutions in the region, providing a robust platform for implementing digital payment solutions. The Dubai Cashless Strategy, launched by Digital Dubai, is aligned with the Dubai Economic Agenda and aims to bolster secure digital payment solutions across both government and private sectors. The initiative is expected to contribute over AED 8 billion annually to the economy through fintech innovation. Abdulrahman Saleh Al Saleh noted that 97% of Dubai government transactions were digital in 2023, reflecting the emirate's advanced financial ecosystem. He emphasised that the strategy aligns with the vision of enhancing Dubai's global business position. The partnership between DOF and DIFC is part of a broader effort to position Dubai as a global hub for digital finance. DIFC has been actively involved in initiatives such as the Sustainable Finance Catalyst, which aims to scale sustainable finance flows from Dubai to USD 100 billion by 2030. The catalyst is supported by an AI-driven sustainability knowledge hub and seeks to train one million future sustainability leaders. See also Aramco Posts Drop in Q1 Profit Amid Economic Uncertainty
