Dubai: A Cashless Economy by 2026

Dubai's Cashless Future: Going Fully Digital by 2026

Dubai is committed to becoming entirely cashless by 2026, elevating the digital economy and financial inclusion across the society to a new level. The ambitious goal is to conduct at least 90% of transactions in a cashless way, ensuring no one is left out, including physical workers, tourists, and small businesses.

Background: Dubai Cashless Strategy and D33 Economic Objective

The initiative is implemented under the Dubai Cashless Strategy, aligning closely with the goals of the Dubai Economic Agenda 2033 (D33). The digitalization efforts are expected to generate over 8 billion dirhams in economic growth annually through the application of FinTech solutions. At the Dubai FinTech Summit, a financial office representative stated that 35 successful partnerships have already been formed with public and private sector players for the introduction of digital payment solutions.

Physical Workers: Trust, Education, and Financial Access

The primary target group of the initiative is physical laborers, who typically use cash. The biggest challenge is their lack of trust, low digital financial literacy, and transaction costs. Surprisingly, most of these workers own one or two smartphones, paving the way for digital solutions.

The financial authority aims to provide them with a digital wallet through which they can transfer their salaries, make foreign remittances, and motivate them to switch through various incentive programs such as virtual accounts, small loans, and loyalty points.

Tourists: Integrating Global Payment Systems

In 2024, Dubai's GDP derived 12% from tourism. Analyses indicate that 30–35 billion dirhams in cash transactions occur annually among tourists alone. The goal is for tourists to access digital payment solutions, including international platforms such as Alipay, RuPay, and WeChat Pay.

SMEs: Lower Costs, Greater Trust

Small businesses still cling to cash mainly due to the high cost of terminals and distrust in digital payments. The financial authority intends to change this by offering competitive merchant fee packages and providing free QR code, soft POS, or contactless payment solutions to encourage the shift.

International Knowledge Sharing and FinTech Investments

In February 2025, Dubai's financial delegation visited London to study the latest payment technologies, further promoting the city's own cashless strategy. FinTech companies operating in the DIFC have already received over $4 billion in funding, and the sector in the Middle East and North Africa region is expected to reach a market size of $2.6 billion by 2030.

Summary

Dubai's goal is not only technological evolution but to extend financial integration to all social strata. Implementing a cashless economy plays a key role in the city's economic vision, where digital payment will not be a privilege but a fundamental expectation. In the coming years, we can witness a remarkable transformation towards a smarter, faster, and more transparent financial system.

(Source of the article: Dubai FinTech Summit press release.)