Dubai is highly likely to transform into a cashless city by the end of 2026. This will mean that all payments across the city will become digital.
Earlier this year, the Dubai Media Office stated that 90 per cent of all financial transactions in both the public and private sectors in Dubai would be cashless by the end of this year, under the Dubai Cashless Strategy, which was launched in 2024.
The Dubai Cashless Strategy is estimated to increase economic growth by more than AED 8 billion per year with innovative financial technology services.
Dubai Cashless Strategy
As per the Government of Dubai Media Office, Emirates and flydubai had signed two Memoranda of Understanding (MoUs) with Dubai Finance (DOF) to promote digital payments initiatives, in line with the ‘Dubai Cashless Strategy’ for international tourists.
In particular, such initiatives aim to tap into the large demographic of travellers to Dubai who rely on cash for transactions.
If implemented successfully, a cashless transaction system can prompt visitors to the emirate each year to switch to online payments, making for more secure transactions.
It also helps bring Dubai a step closer to becoming an international hub for digital innovation.
Emirates and flydubai already handle a large share of their international business through digital transactions. Emirates provides 14 payment gateways for clients, whilst Skywards, a loyalty programme for both airlines, is also a fully digital currency for earning and redeeming benefits.
As a whole, the Dubai Cashless Strategy is part of Dubai’s Economic Agenda (D33) to boost fintech innovation, and Digital Dubai’s objective of ‘Digitalising Life in Dubai’.
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