Abu Dhabi to accept AED stablecoin payments for taxi services

Abu Dhabi government represented by the Department of Municipalities and Transport, Tawasul Transport, will be accepting AED stablecoin payments using the AE Coin for taxi services.

The agreement was signed between Integrated Transport Center (ITC) of the Department of Municipalities and Transport, and Al Maryah Community Bank better known as MBank.

According to the press release, stablecoin digital payments offer a seamless sustainable transportation experience while offering smart secure payment tools. A live AE Coin payment for a taxi service was carried out using the AEC Wallet and the AE Coin (AEC).

The General Manager of Abu Dhabi Tawasul Transport Ghena Jbour noted that this is part of their digital transformation efforts in the transport sector and that this will simplify the payment process by offering multiple payment options.

She noted, “This is in line with Abu Dhabi’s vision of building a smart and sustainable transport system. We will continue working to expand these solutions to cover additional services in the future.”

Expressing his support and pride for the collaboration, Mohammed Wassim Khayata, CEO of Mbank, stated that AE Coin stablecoin brings stability and compliance to consumer payments using blockchain technology. He stated:

“We are 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.”

Khayata will continue to expand the adoption of the AEC Wallet across various governmental and business sectors.

Ramez Rafeek, General Manager of AE Coin stablecoin, believes that digital currencies can integrate effortlessly into everyday life.

AE Coin accepted by Air Arabia

UAE based Air Arabia airline also started accepting the AED stablecoin, AE Coin, for payments such as flight booking. The airline is the first in MENA to offer a stablecoin based payment option. Users can book their flights using the AEC Wallet application developed by MBank.

AE Coin was the first AED stablecoin to be licensed in the UAE.