Abu Dhabi Introduces AE Coin for Taxi Payments, Boosting Digital Innovation

Abu Dhabi has made a significant stride in digital innovation by allowing passengers to pay for taxi rides using AE Coin through the AEC Wallet app across all Tawasul taxis in the Emirate. This development is part of a broader initiative to enhance digital payments and create a more seamless travel experience. It marks the first instance globally where a stablecoin pegged to the UAE dirham is used for public transport.

The initiative is a collaborative effort between Tawasul Transport, Al Maryah Community Bank, and the Integrated Transport Center (ITC). The AEC Wallet app simplifies the payment process, allowing passengers to scan a QR code inside the vehicle to complete their ride. AE Coin, pegged 1:1 with the UAE dirham, ensures price stability and boosts confidence in using digital currency. The app is available for download on various platforms, including the Apple Store, Google Play, and Huawei AppGallery, and is designed for fast, low-cost transactions with strong security features. This new system supports the city’s push for digital growth and reinforces its role as a global leader in fintech and smart transport.

Mr. Ghena Jbour, General Manager of Tawasul Transport, highlighted the significance of this initiative, stating that it serves as a model of effective collaboration within the integrated transport ecosystem. He emphasized that the use of AE Coin in public transport demonstrates their commitment to future-ready financial solutions that blend technology, ease of use, and sustainability.

The AEC Wallet app is set to expand its services across more transportation options, retail stores, and merchants throughout the UAE. This expansion will offer users greater convenience and more ways to integrate digital payments into their daily lives. The adoption of AE Coin in taxi payments is expected to streamline the payment process, making it faster and more convenient for users. Passengers no longer need to worry about carrying cash or dealing with change, as the digital currency can be easily transferred and tracked. This convenience is particularly beneficial for tourists and visitors who may not be familiar with the local currency or payment systems.

The collaboration between Tawasul Transport and Al Maryah Community Bank underscores the importance of public-private partnerships in driving innovation. By leveraging the expertise and resources of both entities, the project aims to create a robust and scalable payment system that can be expanded to other sectors in the future. This partnership also highlights the growing acceptance of cryptocurrency as a viable payment option, paving the way for further integration into the region's financial ecosystem.

The launch of the AE Coin taxi payment system is a testament to Abu Dhabi's commitment to embracing digital transformation. As the region continues to invest in blockchain technology and cryptocurrency, it is poised to become a global hub for innovation and financial technology. This initiative not only enhances the user experience but also sets a precedent for other cities and regions looking to adopt similar technologies. By leading the way in digital payments, Abu Dhabi is positioning itself as a forward-thinking leader in the global economy.