Dubai is set to enter a new financial era with a plan to become completely cashless by 2026, officials announced at the recent Dubai FinTech Summit. The ambitious initiative aims to digitize 90% of all transactions across the city, including those made by residents, businesses, and tourists.
The Dubai Cashless Strategy, introduced in October 2024 by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, seeks to generate an estimated AED 8 billion annually by accelerating the adoption of FinTech solutions in the emirate.
Amna Mohd Binlootah, Director of the Digital Payment Systems Regulatory Division at Dubai’s Department of Finance, outlined the phased approach. Initial efforts have focused on enabling blue-collar workers and small businesses to transition smoothly to digital payments. Over 35 private sector partners and international payment platforms, including Alipay, RuPay, and WeChat Pay, have been integrated to support the city’s growing digital economy.
“This transformation aligns with the broader Dubai Economic Agenda (D33),” Binlootah said, “and positions Dubai as a global leader in smart finance.”
Tourists, who contributed to 12% of the UAE’s GDP in 2024, are the next group targeted for cashless adoption. Despite widespread use of smartphones and digital payments globally, AED 30–35 billion of tourist spending still occurs in cash. Dubai plans to close this gap to enhance convenience and security for visitors.
The city’s digital payment revolution promises a future where wallets are replaced by mobile phones, and cash transactions become a thing of the past — a key milestone in Dubai’s ongoing digital transformation.