Historic Development in Abu Dhabi
In a groundbreaking development, Abu Dhabi has taken a historic step as the first city globally to allow taxi passengers to settle their fares using a nationally recognized stablecoin. Riders in the capital can now opt for AE Coin, which is directly pegged to the UAE dirham, facilitating seamless travel without needing cash or credit cards. This innovative payment method was announced through a collaborative effort between Tawasul Transport, Al Maryah Community Bank, and the Integrated Transport Center (ITC).
Payment Process
Users can easily make payments by scanning a QR code located inside the taxi, enabling swift and secure transactions.
AEC Wallet App
The AEC Wallet app, launched by Al Maryah Community Bank, is essential for this initiative. It allows users to effortlessly manage AE Coin, offering functionalities like sending, receiving, storing, and converting the stablecoin. The app can be downloaded on various platforms, including the Apple App Store, Google Play, and Huawei AppGallery.
Beyond taxi fares, the AEC Wallet supports QR code payments, quick conversions between AE Coin and UAE dirhams, and peer-to-peer transfers within the app ecosystem.
UAE’s Ambition for Digital Payments
This move aligns perfectly with the UAE’s ambition to enhance digital payment methods, as evidenced by the introduction of cryptocurrency payments at fuel stations earlier this year. In May, the Emirates General Petroleum Corporation (Emarat) announced its initiative to accept digital currencies across its service stations, showcasing a significant leap towards the mainstream adoption of cryptocurrencies in everyday economic transactions.
Commitment to Blockchain and Digital Currencies
These strides signify the UAE’s commitment to becoming a leading figure in blockchain technology and the practical use of digital currencies. By incorporating stablecoin transactions into vital services such as transportation and fuel, the UAE is systematically establishing a foundation for a future where digital currencies are integral to both commerce and public sector services.
