Key Takeaways
- Air Arabia will be accepting cryptocurrency as payment for flight bookings.
- The airline is making the move in partnership with Mbank to accept AE Coin.
- Passengers can make payments for their flights by downloading the AEC Wallet app.
Middle Eastern low-cost airline Air Arabia has opened a new realm in digital payments by being the first airline in the MENA region to accept payment for travel using the recently launched cryptocurrency AE Coin.
According to an announcement by Air Arabia, the airline has partnered with crypto-friendly MBank to facilitate a move that will enable users to book their flights using the AEC Wallet application developed by MBank. The airline said in a press release:
“The partnership represents a revolutionary leap in digital payments, offering a seamless, secure booking experience through AE Coin.”
Committed to Embracing Digitalization
The AE Coin was the first stablecoin to be regulated by the Central Bank of the United Arab Emirates (UAE) and is pegged 1:1 to the UAE dirham. This ensures not only price stability but also low transaction fees. According to Adel Al Ali, Group Chief Executive Officer, Air Arabia:
“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 official further noted that the newly introduced use of cryptocurrency as a payment option for flights by Air Arabia facilitated through the recently introduced AEC Wallet, reflected the firm’s efforts to adopt innovative solutions that bring greater value, choice, and flexibility to its growing customer base. Commenting on the partnership, Mohammed Wassim Khayata, CEO of Mbank, added: “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.”
A Seamless Cashless Solution
Ramez Rafeek, General Manager of AED Stablecoin, observed that the move by Air Arabia was a key milestone for AE Coin, as it makes digital currency even more accessible to everyday consumers. By integrating AE Coin into flight bookings, he said he believed AE Coin would simplify the payment experience for travelers, enabling a seamless cashless solution that aligns with the growing digital economy. He added:
“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.”
Conclusion
To use crypto as payment for flights, customers would need to download the AEC Wallet App from the App Store or Google Play. Afterward, they need to create their account, verify their identity, and top up their wallet through their Mbank account or other supported payment methods. At the time of writing, the solution was live. The integration of the AEC Wallet as a payment option underscores the region’s commitment to innovative, value-driven technologies that provide greater convenience, flexibility, and efficiency for its growing tech-savvy population.
Frequently Asked Questions
What is a Stablecoin?
Stablecoin is a type of cryptocurrency designed to have a stable value pegged to a reference asset or a fiat currency.
What is AE Coin?
AE Coin is a Stablecoin issued by “AED Stablecoin LLC” and is pegged to AED, whereby the value of AE Coin is stable and 1 AE Coin = 1 AED.
What is AEC Wallet?
The AEC Wallet is a digital wallet that facilitates users in converting, holding, transferring, receiving, and paying using AED-denominated stablecoins, known as the “AE Coin.”
