Tawasul Transport, in partnership with Al Maryah Community Bank (Mbank), has introduced AE Coin, a government-regulated stablecoin pegged to the UAE dirham, as a digital payment method for Abu Dhabi taxis. This pioneering initiative, coordinated with the Integrated Transport Center (ITC), is the first global deployment of a stable digital currency for public transport fares.
Passengers can now pay taxi fares by scanning a QR code inside vehicles using the AEC Wallet app, available on Apple Store, Google Play, and Huawei AppGallery. The wallet facilitates seamless transactions at a fixed exchange rate of Dhs1 to AEC 1, ensuring financial stability and user convenience.
The rollout aligns with ITC’s broader strategy to advance Abu Dhabi’s smart mobility ecosystem and supports the UAE’s fintech and digital government objectives. Tawasul Transport’s GM Ghena Jbour emphasized the initiative’s role in fostering innovative, convenient, and sustainable financial solutions in public transport.
Mbank CEO Mohammed Wassim Khayata hailed AE Coin as a milestone in blockchain-based real-time payments and a cornerstone of the UAE’s Digital Government Strategy 2025. Ramez Rafeek, GM of AED Stablecoin, highlighted the collaboration’s demonstration of how digital currencies can integrate seamlessly into daily life.
Plans are underway to expand the AEC Wallet’s use across other transport services, merchants, and retail outlets throughout the UAE.
