It includes officials from 8 sides

Forming a Dubai Cashless team to dispense with currencies in payment transactions

• The initiative that Dubai is planning to implement will be the first in the Middle East and North Africa region.

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The Dubai government announced the formation of a "Dubai cashless" work team, which includes: Dubai Finance Department, Smart Dubai Department, Supreme Legislation Committee, Dubai Economy, Dubai Police, Dubai Chamber, Dubai Economic Security Center, and the Department of Tourism and Commerce Marketing in Dubai. As part of Dubai's transformation to a completely smart environment.

The team will develop an action plan aimed at converting payments in Dubai to non-cash payment methods in a safe and easy manner, covering all sectors of the city, thus uniting the efforts of the relevant government agencies, in order to accelerate the pace of Dubai's successful and smooth transformation towards a cashless society.

The Dubai Cashless team will be tasked with working to achieve a set of main goals, on top of which is the development of an accurate road map for this transition towards a cashless society.

To this end, the work team will gradually launch a series of comprehensive and ambitious initiatives targeting all segments of society, seeking to establish the necessary infrastructure and create the appropriate conditions to stop using the currency.

First meeting

During its first meeting, the "Dubai Cashless" team released the "Cashless Payment Framework" report for Dubai, which was prepared by the Smart Dubai Department and the Dubai Department of Finance, and aims to promote the use of smart payment methods in all dealings and dispense with cash currencies, as part of vigorous efforts. To support the full digital transformation of the emirate, and confirm the contribution of “Smart Dubai” as the authority responsible for leading the process of smart transformation of the emirate, in line with the directives of the wise leadership and the aspirations of the UAE Centennial 2071.

The Director General of the Finance Department of the Government of Dubai, Abdul Rahman Saleh Al Saleh, affirmed that «the Dubai government, pursuant to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the State and Ruler of Dubai, is keen to achieve happiness and well-being for the residents and visitors of the emirate», pointing to Setting and activating a cashless payment framework would advance various aspects of economic activity in the emirate, stimulate thoughtful spending, increase revenues and create cost savings, whether at the government or private sector level, in addition to enabling individuals to achieve financial savings in many Aspects of life.

Al Saleh revealed the initiative that Dubai intends to implement, which will be the first in the Middle East and North Africa region, to confirm the leadership of the Dubai government and its superiority in the financial sector at the regional level.

Al Saleh said: “The Finance Department plays a vital role in this planned strategic shift to (Dubai cashless), by allocating the necessary budget for the project in all its phases, providing advice in financial affairs, and coordinating with the competent financial authorities and institutions, as well as cooperating with Smart Dubai. ) In coordinating periodic meetings, preparing reports for members of the work team, following up developments in the implementation of the approved initiatives within the road map, determining the baseline for Dubai and the target indicators and following up on performance.

A fundamental pillar

In turn, Director General of Dubai Economy, Sami Al Qamzi, said: “The Dubai government, under the guidance of the wise leadership, is keen to accelerate the growth of the cashless economy and improve financial inclusion to enhance digital payments in the emirate, which is one of the main pillars of the smart transformation process that it is witnessing. Dubai.

This qualitative initiative, represented by the formation of the Dubai Cashless Team, confirms the leadership's long-term vision in this context, in addition to the important role of the initiative in enhancing the efforts of various entities in the emirate, aimed at creating a smart and safe economic environment.

Al Qamzi added: “We are committed in the Dubai economy to strengthening our strategic role as one of the main engines towards the cashless economy, and we will work with various partners to achieve the main objectives of the Dubai Cashless Team, in line with the global acceleration in the trend towards digital payments, taking advantage of the digital readiness of the Emirate. Dubai and the UAE in general, as the country ranks first in the world in this field, according to the Euromonitor International Digital Communication Index, which would put Dubai and the UAE in general in a strong position to become one of the leading cashless societies in the world. .

Knowledge economy

Assistant Director General of Smart Dubai, Executive Director of the Dubai Data Corporation, Yunus Al Nasser, said: “Smart Dubai continues, according to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to work on Upgrading the Emirate of Dubai and making it a center for the knowledge economy and the smartest and happiest city on earth, explaining that the “cashless payment framework” is an additional advanced step in the emirate’s march towards a complete transformation to smart payment, and a practical approach to payment governance, which will make the currency part of the History, in the presence of safe, innovative and convenient electronic payments, pointing out that the shift to cashless payment represents the future of smart transactions, which is the way in which business and commerce are increasingly conducted in the 21st century.

He added: “The report (Cashless Payment Framework) was based on the criteria of four countries that succeeded in leading the transition to a cashless society, depending on the common factors between those countries. The Smart Dubai team that worked on the report used references from Global studies to determine the benefits of switching to cashless payment, ”indicating that this shift towards the non-cash payment option not only helps to make people's lives easier, but also works to ensure their health and safety, especially during the current global health crisis, in line with directives Our wise leadership, to provide advanced and seamless services remotely, allows individuals to complete their government transactions without the need to visit customer service centers, thus ensuring full commitment to social distancing measures, and reducing the use of cash and paper documents.

He emphasized that adopting advanced technologies is a major part of the "Smart Dubai" mission, to achieve the happiness and well-being of people by developing the emirate's smart infrastructure.

Great benefits for governments, individuals and businesses

Dubai's Cashless Payment Framework provides a comprehensive framework for guiding a safe and successful transition towards a cashless society. It sheds light on enabling factors such as governance, technology and culture, and highlights the significant benefits that this transformation provides to governments, individuals and businesses.

The report also explores the necessary tools necessary to ensure the smooth transfer of consumers and companies to cashless payment, as well as the economic benefits resulting from this process, in addition to its compatibility with health and safety standards for citizens and residents, in a manner that suits the requirements of future cities.

Smart Dubai relied in designing the report on many political and organizational references in this field from all over the world, and to study the most appropriate administrative structures for the transition to cashless payment in the emirate. The report's team analyzed and studied the necessary organizational initiatives that drive this transition. Seamlessly, while ensuring competition, innovation, flexibility and consumer protection.

Smart Dubai has also developed maps of cashless payment experiences, which are expected to be widely used in the future, highlighting the technology necessary to enable these experiences, and has also analyzed local and international cultural potentials to determine the available fields in Dubai.

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