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Tawasul Transport, together with Al Maryah Community Bank (Mbank), has introduced the first digital payment solution for taxis in Abu Dhabi, utilizing AE Coin, a stablecoin that is linked to the UAE dirham.
This initiative, executed in partnership with the Integrated Transport Center (ITC), represents a pioneering step in using a government-approved stable digital currency for fare payments in public transport.
Travelers in Abu Dhabi can now pay for their taxi rides through the AEC Wallet app by scanning a QR code found inside the taxi.
The wallet, which can be downloaded from the Apple Store, Google Play, and Huawei AppGallery, facilitates easy transactions at a stable exchange rate of 1 Dhs to 1 AEC, ensuring financial consistency and user-friendliness.
Part of a Comprehensive Initiative to Enhance Smart Mobility in Abu Dhabi
This development is part of a larger strategy by ITC aimed at fostering digital advancements and improving the smart mobility landscape in Abu Dhabi.
Officials state that this implementation seeks to streamline the payment process while supporting the UAE’s objectives in fintech and digital governance.
“This initiative exemplifies the successful collaboration among various stakeholders committed to ongoing improvement within the integrated transport framework,” stated Ghena Jbour, General Manager of Tawasul Transport. “Integrating AE Coin in public transport signifies our dedication to progressive financial solutions that blend technology, convenience, and eco-friendliness.”
Mohammed Wassim Khayata, CEO of Mbank, referred to the project as a significant advancement in real-time consumer transactions leveraging blockchain technology. “AE Coin is more than just a digital currency; it represents a fundamental component of the evolving financial ecosystem in the UAE,” he remarked. “We are launching a transformative payment system that aligns with the UAE’s Digital Government Strategy for 2025.”
Ramez Rafeek, General Manager of AED Stablecoin, which oversees AE Coin, expressed that this partnership highlights the potential for digital currencies to become an integral part of everyday life. “This collaboration illustrates the potential of innovation and partnership in shaping the future of digital payment solutions,” he said.
The AEC Wallet is anticipated to broaden its availability to include other transport services, vendors, and retail businesses in the UAE soon.