The Dubai Government has made a huge step for achieving its vision of promoting cashless transactions with the formation of a ‘Cashless Dubai Working Group’ which will create an action plan for a smooth and secure transition to cashless platforms.
The initiative will collaborate with authorities including Smart Dubai, 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 launch various programs for all segments of the society to build a favorable condition to eliminate cash transactions.
As the first step of the working group, the Smart Dubai and Dubai Department of Finance launched the Dubai Cashless Framework Report, which seeks to boost the usage of smart payment platforms for all transactions and thus to remove physical cash.
The report sheds light on to the wide range of advantages the emirate could gain from, by embracing cashless payment that ranges from economic benefits to greater health and safety standards for citizens and residents.
In the light of the current COVID-19 situation the significance of having smart transaction options that involve minimal physical contact is high, the report further added.
“Setting and activating a cashless payment framework will advance various aspects of economic activity in Dubai, stimulate thoughtful spending, raise revenue and enhance the cost-effectiveness, whether at the government or private sector level, in addition to enabling individuals to achieve financial savings in many aspects of life.”
The first of its kind initiative in the Middle East and North Africa (MENA) region will strengthen Dubai’s prominence in the regional financial sector.
Commenting on the initiative the Assistant Director General of Smart Dubai and CEO of the Dubai Data Establishment, Younus Al Nasser stated that moving into the concept of the cashless transaction is the representation of the future and in this 21st-century business and commerce are taking the step towards this transition.
“The Cashless Framework Report benchmarks four countries that have successfully led a full transition towards a cashless society. The Smart Dubai team working on the report used references from international studies to identify the benefits of transitioning towards a cashless society,” Al Nasser explained regarding the report.
To design the framework and develop the report, Smart Dubai had reviewed the global policy and regulatory references from all around the world, further the team evaluated both global and domestic cultural drivers and identified areas where Dubai incorporates such factors.