10 hours ago
Tawasul Transport, Mbank launch AE Coin digital payments in Abu Dhabi taxis
Image: Supplied
Tawasul Transport, in collaboration with Al Maryah Community Bank (Mbank), has launched the first digital payment system in Abu Dhabi taxis using AE Coin, a stablecoin pegged to the UAE dirham.
The initiative, carried out in coordination with the Integrated Transport Center (ITC), marks a global first in deploying a government-regulated stable digital currency for public transport fares.
Passengers in Abu Dhabi can now use the AEC Wallet app to pay for taxi rides by scanning a QR code displayed inside the vehicle.
The wallet, available on Apple Store, Google Play, and Huawei AppGallery, enables seamless transactions with a fixed exchange rate of Dhs1 to AEC 1, providing financial stability and ease of use.
Part of wider strategy to boost smart mobility ecosystem in Abu Dhabi
The move is part of a broader strategy by ITC to support digital transformation and enhance the smart mobility ecosystem in Abu Dhabi.
Officials say the deployment aims to simplify the payment process while aligning with the UAE's fintech and digital government goals.
'This initiative serves as a model of effective collaboration between all entities striving for continuous development within the integrated transport ecosystem,' said Ghena Jbour, GM of Tawasul Transport. 'The adoption of AE Coin in public transport reflects our commitment to future-focused financial solutions that combine technology, convenience, and sustainability.'
Mohammed Wassim Khayata, CEO of
Ramez Rafeek, GM of AED Stablecoin, which manages AE Coin, said the collaboration underscores how digital currencies can integrate into daily life. 'This partnership exemplifies the power of innovation and cooperation in driving the future of digital payments,' he noted.
The AEC Wallet is expected to expand its reach across additional transport services, merchants, and retail outlets in the UAE in the near future.
