EazyPay Uses Binance App for Crypto Transactions

Eazy Financial Services, widely known as EazyPay, has grown into a significant network in Bahrain as a leading provider of Point of Sale (POS) and Online Payment Gateway Acquiring Services. The Central Bank of Bahrain has granted licensing and regulates the financial institute as the fifth POS and online payment gateway acquirer, alongside payment service providers. EazyPay announced its strategic partnership with Binance, the global leader in blockchain and cryptocurrency platforms, after receiving approval from the Central Bank of Bahrain.

Exclusive reports from CryptoChipy reveal that this partnership allows Binance to offer crypto payment services to over 500 merchants in the region. This enables customers to use their preferred cryptocurrency to pay for goods and services in real-time at merchant locations.

Customers can scan the QR code displayed at more than 5000 EazyPay POS Terminals and Online Payment Gateways throughout Bahrain to complete transactions. To use this service, customers need to have the Binance application to make payments using their chosen cryptocurrency.

The Binance and EazyPay Collaboration

The strategic alliance between Binance and EazyPay reflects EazyPay’s goal of strengthening its ongoing relationships with both merchants and consumers. EazyPay is committed to an active and innovative strategy, aiming to broaden its product portfolio with cutting-edge payment solutions in Bahrain. Major retailers in Bahrain stand to benefit from this partnership, which facilitates crypto payments. Users of the crypto payment service will have access to over 70 cryptocurrencies across Bahrain for fast and secure transactions. Merchants, including Lulu Hypermarket, Jasmi, Al Zain Jewelry, Sharaf DG, and other local favorites, will accept a wide range of cryptocurrencies through Binance Pay.

Reactions to the Binance and EazyPay Alliance

The announcement of the Binance and EazyPay partnership came through a LinkedIn post by Nayef Tawfiq Al Alawi, the Founder, MD & CEO of EazyPay. In the post, he emphasized that EazyPay users can now make crypto payments using Binance Pay. The CEO highlighted that this partnership marks a historic milestone for both companies in the regional payment industry. He also expressed gratitude for the support from the Central Bank of Bahrain, which played a crucial role in enabling EazyPay to offer competitive and innovative payment services to its merchants and customers. This collaboration solidifies EazyPay’s position as the leading POS and online payment gateway provider in Bahrain.

Mr. Khalid Hamad Al Hamad, the Executive Director of Banking Supervision at the Central Bank of Bahrain, praised EazyPay, Binance, and Eazy Financial Services for their role in launching the new crypto payment service, which aligns with global advancements in the payments sector.

Binance’s Head of Business Development for MENA, Nadeem Ladki, commended EazyPay for its leadership and innovation. He stated that EazyPay’s integration of Binance Pay and its crypto payment services is a groundbreaking move for the region. This collaboration sets a new standard for innovation and paves the way for the payment industry’s transition into the Web3 economy. Ladki emphasized that Binance and EazyPay share a vision to simplify product offerings for both merchants and customers through superior technology, highlighting Bahrain’s progressive regulatory environment.

Changpeng Zhao, CEO of Binance, pointed out that the new crypto payment service from EazyPay is the first regulated and approved service for crypto payments in the MENA region. CryptoChipy previously reported on Binance’s regulatory approvals in Bahrain, including a crypto service provider license and the Category 4 license.

The Rise of Crypto in Bahrain

Bahrain, the third smallest country in Asia, has been working towards fostering crypto adoption in recent years. In 2019, the Central Bank of Bahrain introduced a regulatory framework for crypto services, including Anti-Money Laundering standards, risk management, licensing, security, and reporting regulations. The country has been actively experimenting with crypto and blockchain technology since adopting these regulations. In January of this year, Bahrain’s Central Bank completed a digital payments trial in collaboration with JPMorgan’s blockchain and cryptocurrency platform, Onyx. Additionally, CoinMena, a regulated crypto exchange in Bahrain, announced plans to offer crypto services in Egypt.

The Middle East continues to attract exchanges like Binance, which is increasingly focused on the region.

Ps: An interesting note about EazyPay is that the CEO, Nayef Tawfiq Al Alawi, mentions the company being closed on LinkedIn. Perhaps he’s not frequently updating his LinkedIn, or the registered company name might have changed?