In a new development for digital finance in the UAE, Al Maryah Community Bank (Mbank) has partnered with the Select Market retail chain to launch a new payment service using AE Coin, the country’s first dirham-backed stablecoin approved by the Central Bank of the UAE.
The rollout enables customers at Select Market branches to pay for their purchases using the AEC Wallet, a secure mobile app that allows for instant, feeless transactions via QR code.
Whether shopping for groceries or daily essentials, users can now enjoy a seamless checkout experience with AE Coin, pegged 1:1 to the UAE dirham.
Bringing Blockchain to the Checkout Aisle
AE Coin’s integration into retail is part of a broader effort to weave blockchain technology into everyday life. The AEC Wallet, available on the Apple Store, Google Play, and Huawei’s AppGallery, lets users send, receive, and spend AE Coin with ease. Features such as AED top-ups and QR-based payments make it a practical alternative to cash and cards.
“This initiative provides our customers with a modern and secure payment method, reduces reliance on cash, and enhances operational efficiency,” said Naveen Singh, General Manager of Select Market. “It aligns perfectly with the UAE’s vision for a digitally empowered economy.”
A Push for Financial Inclusion and Digital Transformation
Humaid Al Attar, Executive Vice President of Wholesale Banking at Mbank, emphasized the strategic importance of the partnership, “We’re committed to driving digital innovation in the UAE. This collaboration is a practical step toward making AE Coin part of everyday life, offering flexible and easy-to-use payment solutions that support financial inclusion.”
The move is also a milestone for AED Stablecoin, the entity behind AE Coin. Ramez Rafeek, General Manager of AED Stablecoin, highlighted the long-term vision, “Enabling everyday purchases with digital currencies is key to their adoption. We want AE Coin to become a practical and accessible payment method for all.”
What’s Next?
With the AE Coin payment service now live in Select Market stores, further expansion is already on the horizon. The AEC Wallet is expected to roll out across more retail outlets and service providers throughout the UAE in the coming months, a move that could accelerate the mainstream adoption of digital currencies in the region.
