UAE Air Arabia uses AED stablecoin for payments

UAE Air Arabia uses AED stablecoin for payments

UAE based Air Arabia airline is now accepting the AED stablecoin, AE Coin, developed by MBank ( Al Maryah Bank) 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.

As the UAE’s first regulated 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 the airline’s website.

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.”

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.”

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 travelers 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.”

UAE Al Maryah Bank launched first national blockchain digital wallet

UAE Al Maryah Bank launched first national blockchain digital wallet

UAE based Al Maryah Community Bank (Mbank) has officially launched Mbank Wallet, what it calls the first UAE national blockchain based digital wallet using decentralized blockchain technology, enhanced with QR technology, and linked to Jaywan.

As per the announcement, this addition to Al Maryah Community Bank’s financial technology suite illustrates the bank’s continued promise in building the most advanced mobile payment experience for its customers.

Through Mbank Wallet, end-users will be able to perform all daily financial transactions including but not limited to sending, receiving, requesting, and paying money. Sending money to other bank accounts or Mbank accounts is as easy as tapping on a few buttons. Users can also choose to send money through the Mbank Wallet app to their loved ones located anywhere in the world. Moreover, users can receive money to their digital wallets from their family members or friends via Mbank or other UAE bank account transfers.

For in-store purchases, all customers need to do is scan the QR code at their favorite stores and enjoy secure, easy, and fast payment transactions. With Al Maryah Community Bank’s ever-growing strategic tie-ups with well-established merchants across the Nation, it offers its customers a wide range of stores and vendors that happily accept digital payments through Mbank Wallet.

What distinguishes Mbank Wallet from other digital wallets is that users are not required to go through the hassle of creating a bank account. They can simply register with their Emirates ID and issue money transfers to and from other UAE banks via IBAN number only. Downloading the app, getting an IBAN number, and transferring money can all happen in a matter of minutes! This opens the potential for greater financial inclusion and enables any UAE National or Resident to access financial products that meaningfully impact how they live and work. To add money to Mbank Wallet, users can do so through cash deposits via Mbank ATMS or any of our many foreign money exchange and remittance partners’ branches across the UAE.

Al Maryah Community Bank continuously strives to create more ways for individuals to participate in the global economy by enabling quick and simple access to the financial system to more customers around the world who may use Mbank Wallet as their primary financial instrument. Adding a cross-border layer to Mbank Wallet, customers can easily utilize the app to send funds to countries across the globe where digital wallets are the go-to payment method.

Commenting on the launch of Mbank Wallet, Mohammed Wassim Khayata, CEO of Mbank, stated, “Al Maryah Community Bank is altering the way consumers pay for their everyday purchases and transforming payments in a way never seen before. We are bringing a new national level of everyday convenience to mobile devices with a very safe and secure environment for financial transactions that eliminates the circulation of cash and minimizes financial risk and fraud. As a result, we have launched Mbank Wallet, which has been successfully approved and licensed by the Central Bank of the UAE, the best-in-class national digital wallet that includes all advanced features for daily transactions, international remittance services, and an eCommerce marketplace”.

He added, “Through the combined power of Mbank’s strategic tie-ups and Mbank Wallet’s solid payment infrastructure, this new national digital wallet has the potential to help develop a new global era for inclusive and accessible global payments. It serves as the catalyst for Mbank’s new focus – transforming how consumers buy products in-store and online. Mbank Wallet’s launch is the first step in the many updates we will be releasing in the near future. As part of our ongoing commitment to open ecosystems, we will continue to expand on the capabilities of Mbank Wallet by working closely with our trusted partners and developers across all the UAE to become the national leaders in mobile payments”.