Latest news with #AECWallet
Sharjah 24
5 days ago
- Business
- Sharjah 24
Air Arabia, Mbank transform air travel payments with AE Coin
Innovation in digital payment solutions This collaboration makes Air Arabia the first airline in the region to offer stablecoin-based payments, underscoring the carrier's commitment to offering innovative digital solutions to its customer base. AE Coin: AED-backed stablecoin As the UAE's first AED-backed stablecoin, AE Coin is pegged 1:1 to the UAE Dirham, ensuring price stability, security, and low transaction fees. With this integration, Air Arabia's customers can now select the AEC Wallet at checkout when booking via Arabia's website, offering a new convenient payment alternative that aligns with the UAE's vision of a digital-first economy. Air Arabia's commitment to smart travel Adel Al Ali, Group Chief Executive Officer, Air Arabia said: 'We are proud to partner with Mbank to introduce AE Coin as a secure and innovative payment option for our customers. At Air Arabia, we are committed to embracing digitalization across our operations, and this partnership reflects our efforts to enhance our customer experience through technology. The newly introduced payment option through AEC Wallet reflects our ongoing efforts to adopt smart solutions that bring greater value, choice and flexibility to our growing customer base.' Mbank's role in building a digital economy Mohammed Wassim Khayata, CEO of Mbank, commented: 'We are proud to partner with Air Arabia to offer AE Coin as a payment option for travelers. Air Arabia's strong reputation as a leading low-cost carrier operator serving a diverse customer base aligns perfectly with our mission to provide accessible, secure, and affordable digital payment solutions to our community. Through this partnership, we are not only enhancing the booking process but also contributing to the UAE's broader goal of creating a truly inclusive, digitally empowered financial ecosystem.'
Al Etihad
5 days ago
- Business
- Al Etihad
Air Arabia, Mbank transform air travel payments with AE Coin
SHARJAH (WAM) Air Arabia, the Middle East and North Africa's first and largest low-cost carrier (LCC) operator, and Al Maryah Community Bank (Mbank), the UAE's first fully integrated digital bank, have partnered to enable the use of AE Coin payments for flight bookings through the AEC Wallet App. This collaboration makes Air Arabia the first airline in the region to offer stablecoin-based payments, underscoring the carrier's commitment to offering innovative digital solutions to its customer base. As the UAE's first AED-backed stablecoin, AE Coin is pegged 1:1 to the UAE Dirham, ensuring price stability, security, and low transaction fees. With this integration, Air Arabia's customers can now select the AEC Wallet at checkout when booking via Arabia's website, offering a new convenient payment alternative that align with the UAE's vision of a digital-first economy. Group Chief Executive Officer of Air Arabia, Adel Al Ali, said, 'We are proud to partner with Mbank to introduce AE Coin as a secure and innovative payment option for our customers. At Air Arabia, we are committed to embracing digitalisation across our operations, and this partnership reflects our efforts to enhance our customer experience through technology. The newly introduced payment option through AEC Wallet reflects our ongoing efforts to adopt smart solutions that bring greater value, choice and flexibility to our growing customer base.' CEO of Mbank, Mohammed Wassim Khayata, commented, 'We are proud to partner with Air Arabia to offer AE Coin as a payment option for travelers. Air Arabia's strong reputation as a leading low-cost carrier operator serving a diverse customer base aligns perfectly with our mission to provide accessible, secure, and affordable digital payment solutions to our community. Through this partnership, we are not only enhancing the booking process but also contributing to the UAE's broader goal of creating a truly inclusive, digitally empowered financial ecosystem.'
The National
5 days ago
- Business
- The National
Air Arabia to start accepting payments in AE Coin
Air Arabia, the UAE's only listed airline, said on Monday it will start accepting the UAE-regulated stablecoin, AE Coin, as payment for flight bookings amid the shift to digital currencies. The Sharjah-based airline has teamed up with the UAE's digital bank Al Maryah Community Bank (Mbank) to enable the use of AE Coin payments through the AEC Wallet App, it said in a statement. It claims to be the first airline in the Middle East to allow air travel payments with stablecoin. In December, AE Coin, the first regulated digital currency in the UAE, was granted final approval by local authorities. Scheduled to be launched soon, AE Coin is pegged 1:1 to the UAE dirham. 'The newly introduced payment option through AEC Wallet reflects our ongoing efforts to adopt smart solutions that bring greater value, choice and flexibility to our growing customer base,' said Adel Ali, Air Arabia's group chief executive. In March 2023, the UAE Central Bank began implementing its digital currency strategy, Digital Dirham. Last year, its regulation on stablecoins indicated the bank would establish a clear operational framework for cryptocurrencies when implemented. Last month, Abu Dhabi entities IHC, ADQ and First Abu Dhabi Bank said they plan to launch a dirham-backed stablecoin, which will be fully regulated by the Central Bank, aimed at easing payment solutions. 'By integrating AE Coin into flight bookings, we are simplifying the payment experience for travellers and enabling a seamless cashless solution that aligns with the growing digital economy,' said Rafeek, general manager of AE Coin. Air Arabia's adoption of digital payment solutions within the aviation industry will set the stage for a wider adoption of digital currencies in the region, he added. The airline said for travellers to use AE Coin for their next Air Arabia booking, they need to download the AEC Wallet app from the App Store or Google Play, create an account, verify their identity, then top up the wallet via their Mbank account or other supported payment methods. The stablecoin's dirham peg will ensure price stability, security and low transaction fees, Air Arabia said. The move provides a degree of 'consumer confidence, knowing that unlike other digital currencies, this one is backed by the UAE Central Bank and has less likelihood of erratic valuation fluctuations', Saj Ahmad, chief analyst at StrategicAero Research, told The National. 'The thing to note here, though, is the attached fees. There will need to be greater incentivisation for customers to use AE Coin when booking flights because customers who are adept at online banking and purchases can also opt to simply buy their flights direct with Air Arabia and pay the cost of whatever their flight is without additional fees,' he added. Stablecoins – which are pegged to a fiat currency – tend to be less volatile than, say, Bitcoin, where swings are influenced by everyday factors such as tweets. They are grounded being tied to a currency, or liquid reserves including government treasuries, or commodities such as precious metals. The use of stablecoins continues to grow. An estimated $208 billion worth will be in circulation this year, a 28.4 per cent jump from 2024, according to Visa and its data partner Allium.
