Dubai set to go cashless - will this boost the economy?

If you haven’t yet moved the majority of your cards and payments digital and are still partial to cash in hand, then we have news for you. By 2026, Dubai is going to go cashless with a newly released strategy launched this month. Let us explain…

Cash to cashless

Digital Dubai is set to launch the Dubai Cashless Strategy - aimed to phase out cash transactions across both government and private sectors, steering the city towards becoming fully cashless.

By 2026, 90% of all transactions are expected to be digital, generating significant economic benefits, including an estimated boost of over AED 8 billion annually.

What does going cashless mean for Dubai?

Going cashless doesn’t mean that money itself will disappear, but rather that cash transactions with physical notes and coins will give way to digital alternatives such as Apple Pay, Google Pay or Samsung Pay.

The focus is on making payments faster, more secure, and more convenient through banking apps, credit cards, and other contactless methods. This will also protect us as residents from being victims of online frauds.

From retail shops to service providers, every business in the city will soon be expected to accept digital payments. No more scrambling for loose change or bargaining with paper money – the souqs, shopping malls, and restaurants will all be part of this!

The initiative is driven by a vision to make Dubai one of the top five cashless cities globally.

Could this impact the property market?

This move towards a cashless economy is likely to have a significant impact on Dubai's booming property market.

As transactions become more streamlined and digital, the process of buying and renting property is expected to become quicker and more efficient. Digital payments could also introduce more transparency in real estate deals, reducing the time and complexity associated with traditional cash payments.

For investors, especially those from abroad, the shift will simplify property transactions by minimising the need for currency conversions and physical transfers of large sums of money.

The boost of economic and growth development

As Dubai pushes ahead with its cashless ambitions, the city is not only looking to transform how people pay but also to elevate its overall economic growth. The AED 8 billion annual economic boost expected from this shift will provide further funding for infrastructure, real estate development, and digital innovations.

How great is that?

If this enhancement in the economy has you thinking about investing in the property market - you could take a look at our live listings or chat with our in-house experts to understand how you can capitalise on property investments in Dubai.