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Globally, nations were engaged in a race to move towards a cashless economy and limit cash-based transactions. This trend had made policy makers, academicians, and commercial enterprises curious to explore the possibilities of moving towards a cashless world. The policy, when implemented, was predicted to attract foreign investors to the country and eliminate or minimise cash-related corruption in the process. A major obstacle for the quick adoption of alternate modes of payment was fuelled by the growing penetration of smartphones, which was deemed crucial because the point-of-sale terminal works over mobile data connection. The United Arab Emirates (UAE), in particular, was at an advantage compared with other countries when looking at the possibilities and the probability of a cashless society. The country's various government sponsored initiatives were touted to act as a catalyst in the migration towards a cashless economy. Such initiatives offered obvious advantages for its citizens, residents and visitors. At the same time, there were also opportunities for brands to develop digital products and services that would make it easier and simpler for people to live, work and entertain themselves. But, despite of the government's efforts, cash still continued to remain the predominant form of transaction within the Arab country. It remained to be seen, whether the country could, seamlessly, migrate to a cashless environment in coming period or not.