Dubai has moved a step closer to becoming a cashless society by the end of next year, after two Government departments signed a Memorandum of Understanding last week.
The emirate’s Cashless Strategy was first announced on 1 October 2024, and Dubai intends all transactions will be digital by the end of 2026.
The written agreement between the Dubai Finance Department and the General Directorate of Identity and Foreigners Affairs (GDRFA) means GDFRA can now explore digital payment initiatives, including expanding payment channels and facilitating secure and efficient financial transactions.
UK tourists visiting a cashless Dubai will be able to use credit and debit cards, mobile wallets such as Apple Pay or Samsung Pay and other digital payment methods accepted in the UAE.
The Dubai authorities believe a cashless society will increase tax compliance and reduce fraud, enhancing profitability for business by lowering cash handling costs. It’s estimated the scheme will potentially boost economic growth by over Dh8 billion (£1.6bn) per year.
Other countries that are close to becoming cashless include Sweden, Finland, Norway, China, the Netherlands and Hong Kong.
