In a first for public transit worldwide, Abu Dhabi’s Tawasul Transport and Al Maryah Community Bank have partnered with the Integrated Transport Center to launch a digital payment system in taxis using a stablecoin called AE Coin. Passengers can now complete taxi fares by scanning a QR code inside Tawasul taxis via the AEC Wallet app, which utilizes AE Coin. The AE coin is a stablecoin pegged 1:1 to the UAE dirham.
The AEC Wallet is available on the Apple Store, Google Play, and Huawei AppGallery, and emphasises fast QR‑based transactions, high security, and lower transfer costs. Ghena Jbour, General Manager at Tawasul Transport, said that this partnership aligns well with Abu Dhabi’s smart‑mobility goals. “At Tawasul Transport, we believe that digital transformation is not merely an option, it is a necessity to meet the evolving expectations and daily needs of users,” he added.
“By offering passengers a secure and seamless payment option in all Tawasul taxis, we are demonstrating how digital currencies can integrate effortlessly into everyday life,” said Ramez Rafeek, General Manager of AED Stablecoin.
With this initiative, taxi passengers in Abu Dhabi can now benefit from an advanced digital payment experience that aligns with the emirate’s ambitions for digital transformation and strengthens its position as a global hub for fintech and smart mobility. The AEC Wallet is set to roll out across wider sectors, including public transport and retail, as part of the UAE’s push for a fully digital, cashless economy by 2025.
DISCLAIMER
This article is for informational purposes only and does not constitute financial, investment, or legal advice. Readers are encouraged to conduct their own research and consult with professional advisors before engaging in any financial activities involving cryptocurrencies.