The Government of Dubai has formed the ‘Cashless Dubai Working Group’ to create an action plan to shift all payment transactions in Dubai to secure and easy-to-use cashless platforms.
The initiative brings together key stakeholders, including 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 the emirate.
The new Working Group will introduce a series of ambitious initiatives targeting all segments of the community to create the infrastructure and favourable conditions for a cashless society. At its inaugural meeting, the Group issued the ‘Dubai Cashless Framework Report’ aimed at promoting the use of smart payment platforms and phasing out the use of physical cash.
The new Report forms part of the Working Group’s efforts to support the emirate’s full digital transition in line with the objectives of the UAE Centennial 2071 plan. It sheds light on enabling factors such as governance, technology and culture, and assesses the immense benefits of such a transition for governments, businesses and individuals.
The Cashless Framework Report outlines the governance ecosystem, policy levers, regulatory and industry initiatives, and technology and cultural drivers that are critical to driving the transition towards a cashless society and ensuring a seamless experience for both businesses and consumers.
The Report 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.
Global policy and regulatory references from all around the world were analysed to piece together the most suitable governance structure necessary for the transition in the emirate. The Report identifies the key regulatory initiatives that will seamlessly drive this transition, while facilitating competition, innovation, resilience and consumer protection.
The document also maps out the cashless payment experiences expected in the future and the technology needed to enable those experiences. It also analyses both global and domestic cultural drivers and highlights areas where Dubai embodies such drivers.