A new initiative has been launched in Abu Dhabi allowing taxi passengers to pay for services using the digital currency AE Coin through the AEC Wallet app. This represents the world's first payment system using a stablecoin pegged to the UAE dirham.
AE Coin Payment Initiative in Taxis
In collaboration with the Integrated Transport Center (ITC) and Al Maryah Community Bank, Tawasul Transport has launched the ability to pay for taxis with AE Coin. This program aims at enhancing digital payment solutions in public transport.
Features of AEC Wallet and AE Coin
The AEC Wallet app allows passengers to conveniently and securely pay for taxis by scanning a QR code inside the vehicle. AE Coin is pegged at 1 AED = 1 AEC, affirming its financial stability.
Reactions from Participants of the Launch
Tawasul Transport's General Manager, Mr. Ghena Jbour, noted that the initiative showcases the potential of digital transformation and simplifies the payment process. Mbank CEO Mr. Mohammed Wassim Khayata emphasized that AE Coin is a key component of the UAE's financial infrastructure, enhancing the customer experience.
The launch of AE Coin payment in taxis highlights Abu Dhabi's commitment to digital transformation and strengthens its position in fintech.
