Dubai has taken a major step toward becoming one of the world’s top five cashless cities. Under the “Dubai Cashless Strategy,” first announced in October last year, the goal is for over 90% of transactions in the emirate to be digital by 2026.
In line with this goal, on Friday, May 16, 2025, a Memorandum of Understanding was signed between the Dubai Department of Finance and the Dubai International Financial Centre (DIFC), focusing on three key pillars: governance, innovation, and digital transformation.
This initiative does not aim to eliminate cash entirely, but rather to promote the use of technologies such as banking apps, credit cards, contactless payments, and AI-powered solutions to offer a faster, easier, and safer experience for residents, businesses, and tourists.
It is projected that the move will contribute over AED 8 billion annually to Dubai’s economy. As part of the agreement, workshops will also be held to help businesses adapt and ensure all retail outlets in Dubai are equipped to accept digital payments.
This initiative is part of Dubai’s broader vision, led by Crown Prince Sheikh Hamdan bin Mohammed Al Maktoum, which also spans key sectors such as education, real estate, and transportation.
