UAE Airport to Test Stablecoin and Digital Wallet System

• Abu Dhabi Airports and Al Hail Holding to pilot stablecoin and digital wallets.
• The initiative supports UAE’s digital economy vision through AI and cashless innovation.
• Xare’s technology enables seamless payments, enhancing traveler experience from arrival to departure.
  

Abu Dhabi Airports and Al Hail Holding drive fintech innovation

Abu Dhabi Airports and Al Hail Holding have entered into a Memorandum of Understanding (MoU) to consider the next-generation payment methods with the help of stablecoins and digital assets. The partnership aims at enhancing the reputation of the UAE as a global destination of tourism, fintech, and sustainable mobility. It is also in line with UAE Digital Economy Strategy and Abu Dhabi Economic Vision 2030.

Under the deal, the two partners intend to come up with a controlled digital wallet of the incoming traveler at Zayed International Airport. This purse will help with a convenient payment of cash without any risks. Abu Dhabi Airports will provide both infrastructure and operation access, and Al Hail Holding will provide governance and regulatory participation. In the meantime, the official technology partner will be Xare, a payment technology company.

Elena Sorlini, who is the managing director and CEO of Abu Dhabi Airports, stated that the partnership will assist in piloting the next-generation payment technologies. She believes that the initiative will streamline every process of the traveler journey and foster financial inclusion. She also mentioned that the project contributes to sustainability, as well as demonstrates the UAE as a universal hub of digital economy.

AI systems and digital wallets to transform airport experience

Artificial intelligence and sustainable infrastructure are also incorporated in the collaboration. The objectives of these technologies are to enhance the efficiency and performance of Zayed International Airport in terms of environmental concerns. Additionally, they will improve the experiences of passengers and create new digital travel standards.

Hamad Al Darwish, the CEO of Al Hail Holding, remarked that the project is an outcome of the desire by the UAE to build a diverse and digital economy. He added that the integration of their knowledge on regulation and financial services with the capacity of Abu Dhabi Airports will provide new innovative solutions to the travelers.

Also, Milind Singh, co-founder of Xare, noted that the collaboration will transform the travel commerce. He said that the technology stack at Xare allows the onboarding of merchants within seconds, programmable payments, and merchant connectivity. This, he said, will provide a cashless, seamless experience between the touchdown to the take-off.

In the beginning of this year, Abu Dhabi Judicial Department collaborated with Al Maryah Bank to facilitate the use of digital currency to offer legal services. This action, as well as the airport project, demonstrates the increased use of digital products by the UAE in key industries.