Abu Dhabi Taxis Now Accept AE Coin for Payments

Abu Dhabi has made a significant stride in integrating digital currencies into daily transactions by allowing taxi payments to be made using AE Coin, a stablecoin backed by the UAE dirham. This initiative, a collaboration between the Department of Municipalities and Transport and Tawasul Transport, enables residents and visitors to pay for taxi rides using the digital currency, which is directly linked to the UAE dirham at a fixed rate. The launch event featured the first official payment using AE Coin following a completed ride in one of Tawasul's taxis, marking a key milestone in the country's efforts to integrate blockchain-based payment systems.

The adoption of AE Coin for taxi payments is part of a broader strategy to promote the use of digital currencies in the UAE. This move is expected to enhance the convenience and efficiency of financial transactions, particularly for those who prefer using digital payment methods. The stablecoin, which is pegged 1:1 to the UAE dirham, provides a stable and reliable means of payment, reducing the volatility typically associated with cryptocurrencies.

This development is significant as it represents one of the first real-world applications of cryptocurrency in the region, demonstrating the UAE's commitment to embracing innovative financial technologies. The integration of AE Coin into the taxi payment system is a testament to the government's efforts to create a more digital and cashless society. By accepting AE Coin, taxi operators in Abu Dhabi are not only providing an additional payment option for their customers but also contributing to the broader adoption of digital currencies in the region.

The launch of AE Coin for taxi payments is expected to have a positive impact on the local economy by encouraging more people to use digital currencies for everyday transactions. This initiative is likely to attract more tourists and visitors who are familiar with digital payment methods, further boosting the region's tourism industry. Additionally, the use of AE Coin in taxi payments is expected to reduce the reliance on cash, making transactions more secure and efficient.

AE Coin is not an ordinary cryptocurrency; it is pegged 1:1 to the UAE Dirham, ensuring price stability. The token was launched by Al Maryah Community Bank under full regulatory oversight and earned a license from the Central Bank in December 2024. This stablecoin aims to simplify digital payments with fast settlements and almost zero transaction costs, making it perfect for frequent services like taxis. The rollout comes from a partnership between the Integrated Transport Center and MBank. Together, they introduced AE Coin to modernize how people pay for public rides. The plan forms part of Abu Dhabi’s larger smart city initiative. Tawasul Transport’s General Manager, Ghena Jbour, believes this move supports a more flexible, sustainable future. Passengers get more choices, and drivers spend less time managing cash.

MBank CEO Mohammed Wassim Khayata says the project fits perfectly into the UAE’s Digital Government Strategy. That national roadmap pushes digital adoption across sectors. Taxis just became the latest example of progress in motion. Taxi rides are only the beginning. Air Arabia now accepts AE Coin for flight bookings. This expands the coin’s real-world use case across both land and air. The adoption is picking up momentum across the UAE. In the past year alone, the MENA region recorded $338.7 billion in crypto transactions. The UAE contributed $34 billion of that, ranking third in the region. AE Coin General Manager Ramez Rafeek said this shows stablecoins work in everyday life. Crypto doesn’t need to stay in the wallet anymore. You can now spend it just like cash.

This move isn’t just about tech. It’s about giving people smarter ways to handle money. Whether booking a flight or calling a cab, AE Coin now fits smoothly into daily life. Abu Dhabi’s taxis now offer more than just a ride. They offer a glimpse into the future. AE Coin brings crypto into the real world, one fare at a time. From highways to runways, digital payments are here to stay.