Latest news with #AlMaryahCommunityBank
CairoScene
4 days ago
- Business
- CairoScene
Air Arabia Now Accepts Cryptocurrency for Flight Bookings
Travellers can now book international flights using AE Coin via the AEC Wallet App. Emirati low-cost airline Air Arabia has partnered with Al Maryah Community Bank (Mbank) to introduce AE Coin as a new form of payment for flight bookings, making it the first airline in the region to accept stablecoin-based transactions. AE Coin is the UAE's first AED-backed stablecoin, pegged 1:1 to the Emirati Dirham. It offers users price stability and low transaction fees, all through Mbank's AEC Wallet App. Bookings made through the airline's website now include the AEC Wallet as a payment option, allowing travellers to make secure, cashless transactions.
Gulf Business
5 days ago
- Business
- Gulf Business
Flying soon? Air Arabia just introduced a smarter way to pay
Image credit: WAM/Website Air Arabia and Al Maryah Community Bank (Mbank) have partnered to enable the use of AE Coin payments for flight bookings through the AEC Wallet App. Read- Air Arabia is the Middle East and North Africa's first and largest low-cost carrier (LCC), and Al Maryah Community Bank (Mbank) is the UAE's first fully integrated digital bank. 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 customers can now select the AEC Wallet at checkout when booking through the airline's website, offering a convenient new payment alternative aligned with the UAE's vision of a digital-first economy. '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 the 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,' said Adel Al Ali, Group Chief Executive Officer of Air Arabia. '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 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,' commented Mohammed Wassim Khayata, CEO of Mbank.
Arabian Business
5 days ago
- Business
- Arabian Business
Air Arabia now accepting cryptocurrency payments for flights
Air Arabia will allow passengers to book flights using cryptocurrency as payments. Air Arabia and Al Maryah Community Bank (Mbank) 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. Air Arabia crypto flight tickets 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, airline 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. Adel Al Ali, Group CEO at the airline, 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.' Mohammed Wassim Khayata, CEO of Mbank, said: '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.' Ramez Rafeek, General Manager of AED Stablecoin, added: 'This partnership with Air Arabia is a key milestone for AE Coin as it makes digital currency even more accessible to everyday consumers. 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. 'Air Arabia's leadership in adopting digital payment solutions within the aviation industry is an exciting development that will set the stage for wider adoption of digital currencies in the region.'
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.
Arabian Post
5 days ago
- Business
- Arabian Post
Air Arabia and Mbank Launch New Digital Travel Payment Solution
Air Arabia, the largest low-cost carrier in the Middle East and North Africa region, has entered a strategic partnership with Al Maryah Community Bank , the UAE's pioneering fully integrated digital bank, to transform payment solutions for air travel bookings. The collaboration aims to streamline and enhance customer experience by integrating a dedicated payment platform using AE Coin, a digital currency developed within the UAE's evolving fintech ecosystem. The agreement represents a notable development in the aviation and financial technology sectors, aligning with broader efforts across the Gulf to digitize and modernize consumer transactions. Air Arabia's expansive footprint across over 170 destinations and its growing digital adoption underscore the potential scale and impact of this partnership, while Mbank's innovative banking infrastructure provides the technological backbone necessary for secure and efficient digital payments. AE Coin, a digital asset issued under regulatory frameworks established by the UAE Central Bank, is designed to support seamless transactions, offering users a faster, more secure alternative to conventional payment methods. By incorporating AE Coin into the travel booking process, Air Arabia customers can now enjoy reduced transaction costs and enhanced payment speed, particularly beneficial for frequent flyers and cross-border travellers navigating currency exchange complexities. ADVERTISEMENT This joint initiative aligns with the UAE's vision of becoming a global hub for digital innovation, especially in fintech and blockchain technology applications. Authorities have actively promoted digital currencies as a means to foster economic diversification and financial inclusion, setting regulatory standards to encourage institutional adoption without compromising security or compliance. Air Arabia and Mbank's collaboration is a direct manifestation of this vision, potentially setting a precedent for other airlines and banks in the region. Beyond operational efficiency, the deal aims to provide a competitive edge to Air Arabia in the increasingly crowded low-cost airline market. The digital payment facility is expected to attract a broader demographic, including tech-savvy millennials and Gen Z customers who favour quick and convenient digital financial services. Mbank's platform offers an intuitive user interface backed by advanced cybersecurity measures, ensuring transaction integrity and user privacy—a crucial factor in digital payment adoption. Industry experts observe that this partnership could stimulate further innovation in travel-related financial products, such as loyalty programmes integrated with blockchain technology or smart contracts automating travel insurance claims and refunds. Given Air Arabia's status as a trailblazer in the LCC market within the region, the integration of digital currency payments may drive more airlines to explore similar fintech collaborations to boost customer engagement and operational resilience. The UAE's fintech landscape has been expanding rapidly, supported by government initiatives like the Dubai Blockchain Strategy and Abu Dhabi's financial free zones encouraging fintech startups and established institutions to experiment with digital currencies and payment systems. Al Maryah Community Bank has been at the forefront of this evolution, leveraging its digital-first banking model to offer innovative solutions that address gaps in traditional banking services, especially for younger, digitally native consumers. The banking sector's shift toward digital currencies is also influenced by the growing emphasis on cross-border remittances and e-commerce in the Gulf Cooperation Council economies. With millions of expatriates living and working in the UAE, seamless and cost-effective international payments are essential. AE Coin's integration into travel payments potentially simplifies the complex landscape of foreign exchange and international fees, offering transparent, instant settlement. ADVERTISEMENT Air Arabia's move complements broader aviation industry trends where airlines increasingly seek to diversify revenue streams through ancillary services, including payment facilitation. Providing customers with alternative payment methods can enhance booking flexibility and reduce abandoned transactions, particularly in regions where credit card penetration remains variable. Mbank's leadership has highlighted the collaboration as a step toward building a future-ready banking environment that embraces emerging technologies and anticipates customer needs. Their approach includes ongoing investments in blockchain research and partnerships aimed at expanding the utility of digital currencies beyond conventional use cases. Sceptics caution, however, that widespread adoption of digital currencies in mainstream commercial sectors faces hurdles such as regulatory uncertainty in some jurisdictions, fluctuating asset valuations, and the need for consumer education. Nevertheless, the tightly regulated environment of the UAE and its proactive approach to digital asset regulation mitigate some of these concerns, positioning this partnership as a test case for successful integration. Air Arabia's CEO emphasised that the move reflects a commitment to innovation and customer-centricity, stating that digital payment solutions are integral to the airline's future growth strategy. The ability to offer fast, secure, and cost-effective payment options will enhance the overall travel experience and contribute to operational efficiencies. Analysts note that this partnership signals a broader shift in the travel and banking sectors towards embracing digital ecosystems that reduce friction and enhance service delivery. The potential for scaling such solutions beyond air travel, into areas such as hotel bookings, car rentals, and travel insurance, could redefine consumer expectations in the region's travel market.
