Dubai, city in the United Arab Emirates, capital of the emirate of the same name located in the Arabian Peninsula south of the Persian Gulf, well known for its modern architecture, lively nighlife scene and luxury shopping launches the "Dubai Cashless Strategy" initiative which aims to ensure that 90% of transactions are digital by 2026.
This initiative aims to strengthen the Arab Emirate as a leader in fintech innovation showing itself as a world-class cutting-edge destination and reference point for the avant - garde technological processes to become a sort of international capital of the digital economy
Dubai Cashless Strategy promotes the use of payment solutions in the public and private sectors by strengthening the country's status as a capital and global hub by increasing its visibility as a fulcrum for technology investments.
The country constantly continues its innovation process by progressively expanding its leadership with new strategies in financial services also digitally.
This transformation with the initiative launched on 9th October is aligned with the objectives of D33, the Dubai Economic Agenda and the Digitalisation of Life in Dubai which aims to promote secure digital payment solutions without the use of cash, boosting economic growth by over AED 8 billion, around €2.021.480 per year, all through fintech innovation.
The Director General of Dubai's Department of Finance, Abdulrahman Saleh Al Saleh, said that the Emirate boasts an avant - garde financial ecosystem that fully meets international standards and that the Dubai Cashless Strategy aligns perfectly with the vision of Sheikh Mohammed bin Rashid Al Al Maktoum with the aim of strengthening the emirate's global positioning.
The strategy is based on prioritizing innovations in digital payments, including AI-powered options and contactless technologies, offering a seamless payment experience to customers and merchants by facilitating various payment methods and gradually reducing fees.
With all that, it is expected that the fintech sector will play a crucial role in achieving the goals of this strategy, reinforcing and placing Dubai as capital of the digital economy and welcoming new innovations in the digital financial services.
Basically, the Dubai Cashless Strategy was conceived and designed to empower all entities involved in the digital payments ecosystem, ensuring the ease and security of digital transactions throughout the Emirate.
Link - https://www.expreso.info/noticias/internacional/103421_una_iniciativa_posiciona_dubai_como_la_capital_internacional_de_la
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