This is the first time that a local crypto payment method (EazyPay) will be accessible in the Middle East with several crypto enthusiasts eager to enjoy its benefits. The service from EazyPay can be done either by local cash point terminal, similar to ATM’s and the cryptocurrencies will be sent to Binance after creation. It’s important to sign-up for a Binance account before initiating a deposit with EazyPay.
EazyPay to utilise Binance App for Crypto Payments
Eazy Financial Services, commonly known as EazyPay, emerged as a major network over its dominance as the Bahrain Financial Institute with a specialty in Point of Sale and Online Payment Gateway Acquiring Services. The Central Bank of Bahrain issued licensing and regulates the financial institute as the fifth POS and online payment gateway acquirer and payment services provider. The Bahrain-based financial service announced its strategic partnership with the global leader in blockchain and cryptocurrency platforms, Binance after receiving the nod from the Central Bank of Bahrain.
An exclusive with Crypto Lists indicates that the partnership enables Binance to provide crypto payments to over 500 merchant stores across the region. This enables customers to pay for goods and services at merchant stores in real-time using their preferred cryptocurrency.
Users can scan the QR code generated and available at over 5000 EazyPay Point of Sale (POS) Terminals & Online Payment gateway within the Kingdom of Bahrain. Customers require the Binance application to pay with their desired cryptocurrency.
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This strategic partnership between Binance and EazyPay aligns with EazyPay’s commitment to strengthening its ongoing relationships with merchants and customers. EazyPay has an ongoing, active, and innovative strategy aiming to expand its acceptance products portfolio with highly innovative and top-notch payment methods in the Kingdom of Bahrain. Popular merchants in Bahrain will benefit significantly from this partnership that facilitates crypto payments. Users of the crypto payment service have access to over 70 cryptocurrencies across the Kingdom of Bahrain for fast and secure payments. These will include merchants such as Lulu Hypermarket, Jasmi, Al Zain Jewelry, Sharaf DG, and other local favourites that would accept a wide range of cryptocurrencies from Binance Pay.
The Reaction of the Binance and EazyPay Partnership
The announcement of these new developments in EazyPay’s partnership with Binance was through a LinkedIn post by the Founder, MD & CEO of EazyPay, Nayef Tawfiq Al Alawi. In his LinkedIn post, he highlights that EazyPay users can make crypto payments using Binance Pay. The CEO mentioned that the partnership is a historic regional & local milestone for both companies in the payment field. He also expressed gratitude for the support from the Central Bank of Bahrain in launching the new product. Its support was critical in empowering EazyPay to provide its merchants and customers with competitive and innovative payment services. This cements the firm’s position as the leading POS & Online payment gateway provider in the Kingdom of Bahrain.
The Executive Director of Banking Supervision at the Central Bank of Bahrain, Mr. Khalid Hamad Al Hamad, gave special thanks to the Central Bank of Bahrain, Binance, and Eazy Financial Services. He commended EazyPay for rolling out the new crypto payment service. It coincides with the current developments in the field of payments globally.
The Head of Business Development at Binance MENA, Nadeem Ladki, praised EazyPay as a leader in its space. He stated that the EazyPay initiative to accept crypto payments while integrating Binance Pay into its systems is a breakthrough in the region. It raises the bar for innovation and demonstrates the way forward for the payment industry as it transitions into the Web3 economy. He emphasised that Binance’s partnership with EazyPay is founded on its shared vision to streamline product offerings for merchants and customers through best-in-class technology. It also underlines Bahrain’s progressive regulatory framework and banking structure.
The CEO of Binance, Changpeng Zhao, highlighted that the new crypto payment feature by EazyPay is the first regulated and approved crypto payments service offering in the Middle East and North Africa region. Crypto Lists has previously reported on Binance’s several regulatory approvals in Bahrain. These include a crypto service provider license and the Category 4 license.
Crypto Adoption in Bahrain
Bahrain is the third smallest Asian country and has been implementing measures for crypto adoption over recent years. Its Central Bank provided a framework for crypto-related services in 2019. It comprised officially instituting rules and regulations for Anti-Money Laundering standards, risk management, licensing, governance, security, reporting, and other rules relating to the crypto industry. The country has gone ahead with various experiments with crypto and blockchain technology after adopting crypto regulations. Earlier this year in January, the Central Bank of Bahrain conducted and completed a digital payments trial. The trial was in collaboration with JPMorgan’s blockchain and cryptocurrency, Onyx. The crypto exchange regulated by the CBB, CoinMena, announced its intent in providing crypto services to Egypt.
The Middle East seems to lure exchanges such as Binance with increasing inclination towards the region. Ps. The strange thing with EazyPay is that CEO of EazyPay or Eazy Financial Services B.S.C as the full name seems to be – write that the company is closed on LinkedIn. Perhaps he is not using LinkedIn so frequent or they might have changed the registered company name?