Dubai launches Cashless Payment Strategy

Thursday, 10 October 2024 11:44

By ARN News Staff

Digital Dubai launched the "Dubai Cashless Strategy," which aims for cashless transactions to account for 90 per cent of all transactions by 2026.

The strategy will potentially boost economic growth by over AED 8 billion annually through fintech innovation.

Director-General of Digital Dubai, Hamad Obaid Al Mansoori, said, “Cashless payments are integral to daily life. We aim to establish Dubai as a global digital capital and an attractive investment destination.”

The strategy seeks to provide a seamless payment experience for customers and merchants, facilitating diverse payment methods and gradually reducing acceptance fees.

Director-General of Dubai’s Department of Finance, Abdulrahman Saleh Al Saleh, stated, “Dubai enjoys an advanced financial ecosystem based on international standards."

Al Saleh said 97 per cent of Dubai government transactions were digital in 2023.

Director-General of Dubai Department of Economy and Tourism, Helal Saeed Almarri, added that the strategy is pivotal for achieving the Dubai Economic Agenda (D33) and supports the goal of having 90 per cent of transactions conducted digitally by 2026.

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