Gulf states seeking to make cash a thing of the past have entered 2026 aiming to accelerate efforts to digitize commerce and address lingering gaps in financial access.

In Dubai, authorities signed on Jan. 6 yet another memorandum of understanding tied to the emirate’s ambitious Cashless Strategy, which has a goal of making 90% of all transactions digital by the end of 2026. Just days earlier, Saudi Arabia began enforcing a rule requiring employers to pay domestic workers exclusively through bank transfers and digital wallets, a step the government said will boost transparency and protect workers’ rights.

Together, the announcements highlight how Gulf governments are pressing ahead with digitalization after years of groundwork in payment infrastructure and fintech — although questions remain over how realistic full-scale adoption will be beyond government services and among populations with limited access to banking.

Details: The new memorandum in the United Arab Emirates, signed between Dubai’s Department of Finance and the Dubai Free Zones Council, is aimed at advancing digital payment initiatives and supporting the emirate’s Cashless Strategy, first launched in October 2024.