June 24, 2025
Abu Dhabi, UAE – In a major leap toward digital transformation in public transport, Tawasul Transport, in partnership with Al Maryah Community Bank (Mbank) and the Integrated Transport Centre (ITC) of the Department of Municipalities and Transport, has launched the world’s first stablecoin-powered taxi payment system.
With this initiative, passengers in all Tawasul taxis across Abu Dhabi can now pay their fares electronically using the AEC Wallet app and AE Coin, a digital currency pegged 1:1 to the UAE dirham. This marks a global milestone, being the first implementation of a stablecoin in public transport payments.
Seamless, Secure, and Smart Taxi Payments
The new payment system is designed to enhance the passenger experience by simplifying fare payments. With just a quick QR code scan inside the vehicle, users can complete transactions in seconds through the AEC Wallet—an app available on Apple Store, Google Play, and Huawei AppGallery.
The AE Coin ensures financial stability as it’s directly pegged to the dirham (1 AED = 1 AEC). Built for everyday use, the AEC Wallet app supports fast, secure, and low-cost digital transactions—bringing convenience and innovation together for a smarter commute.
A Collaborative Vision for Future-Ready Transport
At the launch event, the first live AE Coin payment was made after a completed Tawasul taxi ride—symbolizing a shift towards digitized, sustainable, and secure transport systems in Abu Dhabi.
Mr. Ghena Jbour, General Manager at Tawasul Transport, shared:
“This step contributes to enhancing the customer experience by simplifying the payment process and offering multiple secure options. It reflects Abu Dhabi’s smart mobility vision and supports our commitment to innovative, sustainable solutions.”
He also highlighted the company’s broader goal of expanding AE Coin payment integration across additional transport services in the future.
Mr. Mohammed Wassim Khayata, CEO of Mbank, stated:
“AE Coin is a pillar of the UAE’s digital payment infrastructure. Through this collaboration, we’re offering customers a secure, cashless way to travel—aligned with the UAE Digital Government Strategy 2025.”
Mbank also aims to expand the AEC Wallet’s reach across various industries through strategic partnerships.
Ramez Rafeek, General Manager of AED Stablecoin, added:
“This rollout with Tawasul proves that digital currencies can fit seamlessly into daily life. It’s a strong step forward for mainstream crypto adoption.”
What’s Next for AE Coin?
Following this successful taxi integration, the AEC Wallet is expected to roll out across more transportation services, retail outlets, and merchant platforms across the UAE—making AE Coin a versatile digital currency for everyday transactions.
About the Partners
Integrated Transport Centre (ITC)
As the Emirate’s transport authority, ITC oversees the planning, regulation, and development of Abu Dhabi’s mobility system. ITC aims to implement smart, integrated, and sustainable transportation aligned with urban growth and technological innovation.
Tawasul Transport
Established in 2007, Tawasul Transport is a leading taxi service provider in Abu Dhabi, known for its focus on quality, safety, and innovation. The company is also piloting autonomous vehicles to support future mobility solutions.
📩 Contact: info@tawasul.ae
Al Maryah Community Bank (Mbank)
Mbank is the UAE’s first fully digital bank, serving individuals and businesses with seamless, tech-driven financial services. The bank plays a key role in advancing digital transformation and financial inclusion across the country.
📩 Contact: info@mbankuae.com
AE Coin
Regulated by the Central Bank of the UAE, AE Coin is a secure, stable, and efficient digital currency. With its focus on local payments, decentralized finance, and innovative rewards, AE Coin is leading the UAE’s shift to digital finance.
🔗 Website: www.aecoin.com
