Passengers using taxi services provided by Abu Dhabi-based Tawasul Transport can now take part in a pilot test of a new service that lets customers use their mobile phone to pay for their fares via AE Coin, a government-regulated stablecoin pegged to the United Arab Emirates’ dirham currency.

The pilot is being conducted in collaboration with Al Maryah Community Bank (Mbank) and is being coordinated by the Abu Dhabi Department of Municipalities and Transport’s Integrated Transport Center (ITC).

“The initiative is the first of its kind globally to adopt a stablecoin pegged to the UAE dirham for public transport payments,” the partners say.

“This milestone is part of joint efforts to enhance digital payment solutions and develop a smart, secure, and seamless transportation experience.” 

The service enables passengers to pay electronically “via the AEC Wallet app using the stable digital currency AE Coin across all Tawasul taxis in the Emirate of Abu Dhabi”.

Simple and secure

“The AEC Wallet offers a simple and secure payment experience, allowing users to complete transactions by scanning a QR code inside the vehicle. AE Coin is pegged at a fixed rate of 1 AED = 1 AEC, ensuring strong financial stability and building trust in digital currency usage,” add the partners.

“The AEC Wallet app is available for free on the Apple Store, Google Play, and Huawei AppGallery. It features an innovative user experience focused on fast transactions, robust security, and reduced transfer costs.

“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.”

“Coming soon: The AEC Wallet app will be accepted across more transportation services, merchants, and retail outlets across the UAE, further enhancing the customer experience and offering more opportunities to use AE Coin in everyday transactions.”

Real-time transactions

Advantages of the AE Coin include real-time transactions and low fees, the stablecoin’s developer adds.

“We are proud to be part of this innovative collaboration with Tawasul Transport and the Integrated Transport Center, as it aligns perfectly with our vision of driving the future of digital payments in the UAE,” Mohammed Wassim Khayata, CEO of Mbank, says.

“AE Coin is not just a digital currency, it’s a key pillar of the UAE’s emerging financial infrastructure, bringing stability and compliance into real-time consumer payments through blockchain.

“Today, we are introducing a transformative payment experience, offering customers a future-forward, cashless, secure, and cost-effective way to use public transport. It’s a step forward in bringing the UAE’s Digital Government Strategy 2025 to life.”

“As part of its strategic roadmap, Mbank is focused on forging future partnerships with businesses and government entities to expand the adoption of AEC Wallet across various sectors, revolutionising digital payments for both consumers and businesses in the UAE.”

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