The Shift to Digital Payments
Dubai has revealed plans to move towards ditching notes and coins for digital payments. That’s right, bartering at the souq with notes or rummaging around the back of the sofa for long-lost change could soon be a thing of the past.
The Dubai Cashless Strategy
The Dubai Cashless Strategy was revealed late on Tuesday, October 1, following a meeting of The Executive Council of Dubai. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, chaired the meeting and outlined that the city aims to make itself one of the top five cashless cities in the world.
What Cashless Means for Dubai
Becoming cashless does not mean that money will be abandoned altogether, but instead, payments will be digital, with banking apps and credit cards currently the main way to pay without physical notes or coins. The city plans for 100 percent of stores to accept digital payments and for everyone living in the city to be able to pay digitally.
Innovations in Payment Technology
Dubai has also outlined that it wants to make a range of financial technology services available to people in the city. For example, earlier this year, UAE company Astra Tech revealed they had a patent that would allow people to make payments by hovering their palm over a device.
Benefits of Going Cashless
The plan to make the switch to becoming cashless has been brought about with consumers, payment service providers, and merchants in mind. The move is set to have a wider benefit of convenience and speedier payments throughout the emirate.
Future Outlook
There is no date set in stone for when we can expect the city to be cashless, so don’t go throwing those notes away frivolously just yet. At the meeting, the city also discussed its overarching real estate strategies, plans for education, and the future of transport in Dubai.
What to Do with Spare Change
If you’ve got some spare pennies and have no idea what to do with them, then check out our guide on what to do with Dhs1 in Dubai.
