Dubai aiming for a cashless society

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Dubai aiming for a cashless society

With an objective to go cashless, the Dubai Government has launched the Dubai Cashless Framework Report, developed by Smart Dubai and the Dubai Department of Finance, to enable all transactions in the emirates to be made through easy-to-use, cashless platforms across sectors.

A working group will be entrusted with a set of key objectives including the development of a roadmap for the transition towards a cashless society. The group will launch a series of initiatives targeting all segments of the community to create the infrastructure and favourable conditions for eliminating the use of cash.

The initiative brings together Smart Dubai, Dubai’s Department of Finance (DOF), the Supreme Legislation Committee, Dubai Economy, Dubai Police, Dubai Economic Security Centre, Dubai Chamber, and Dubai Tourism and Commerce Marketing to drive a secure and seamless transition towards a cashless society in Dubai.

At its inaugural meeting, the working group launched the ‘Dubai Cashless Framework Report’, which seeks to promote the use of smart payment platforms for all transactions and to phase out the use of physical cash. The report forms part of the group’s efforts to support the emirate’s full digital transition and make Dubai the world’s smartest and happiest city, in line with the directives of the UAE’s leadership and the objectives of the UAE Centennial 2071 plan.

The report, which sheds light on enabling factors such as governance, technology and culture, thoroughly assesses the immense benefits of such a transition for governments, businesses and individuals. It says that going cashless brings about an array of advantages, ranging from economic benefits to greater health and safety standards for citizens and residents. From a health perspective, the minimal physical contact involved in smart transactions is a particular consideration in light of the Covid-19 pandemic.

“This initiative, the first-of-its-kind in the Middle East and North Africa region, reinforces Dubai’s leadership in the regional financial sector. DOF plays a vital role in this planned strategic shift to a cashless Dubai by allocating the necessary budget for the project, providing consultations in financial affairs and coordinating with relevant financial authorities,” said Abdulrahman Saleh Al Saleh, Director General of Dubai’s DOF.

“Aligned with the leadership’s long-term vision, the ‘Cashless Dubai Working Group’ initiative is critical to enhancing the efforts of various entities in the emirate to create a smart and safe economic environment. Our country ranks first globally in the Digital Connectivity Index of Euromonitor International, which places Dubai and the UAE in a good position to become one of the world’s leading cashless societies,” Sami Al Qamzi, Director General of Dubai Economy, said.

“Going cashless represents the future of transactions and is the way that business and commerce are increasingly being conducted in the 21st century,”remarked Younus Al Nasser, Assistant Director General of Smart Dubai, and CEO of the Dubai Data Establishment.

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