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Bahrain-based financial entity EazyPay Partners with Binance Pay To Launch Crypto Payments Platform.
EazyPay, a Bahrain-based financial services platform has partnered with Binance Pay to launch the first ever regulated crypto payments platform in MENA.
Public espousal of cryptocurrencies has seen a massive increase since the COVID-19 pandemic. The global unrest that pandemic pumped into the financial scene exposed the shortcomings of traditional finance, and the benefits of DeFi and digital assets. As demand increases, several financial entities are adopting crypto payments. EazyPay is the latest to do so.
Co-founder and CEO of Binance, Changpeng “CZ” Zhao, disclosed the move through his official Twitter handle Thursday. “Bahrain-based EazyPay has partnered with #Binance Pay to launch the first regulated & approved crypto payments service offering in MENA,” CZ said in the tweet.
Bahrain-based EazyPay has partnered with #Binance Pay to launch the first regulated & approved crypto payments service offering in MENA.
Crypto payments will be available across 5000+ Point-of-Sale Terminals & Online Payment gateways in Bahrain.https://t.co/Mfn1cpcqoF
— CZ 🔶 Binance (@cz_binance) September 22, 2022
He further noted that this development will enable the integration of crypto payments in over 5,000 Point-of-Sale (POS) terminals and digital payment gateways in Bahrain. This is due to EazyPay’s wide reach in the kingdom as a payment facilitator.
Users can make payments to several merchants who already accept payments through EazyPay POS terminals. Some of these merchants include leading electronics shop, Sharap DG; multinational supermarket chain, Lulu Hypermarket; and luxury jewelry dealer, AI Zain Jewellery; among others.
In order to facilitate payment, users will have to use their Binance app to scan a generated QR code on any EazyPay POS when making payments on any merchant terminal. Users will also get the opportunity to choose the cryptocurrency they wish to pay with.
“As a leader in its space, EazyPay’s decision to accept cryptocurrency payments and integrate Binance Pay into its systems raises the bar for innovation and demonstrates the way forward when it comes to the payment industry as we transition into the Web3 economy,” said Nadeem Ladki, Executive Director of Business Development and Strategic Partnerships at Binance.
The move from EazyPay underscores the growing rate of institutional adoption in the Middle East and North Africa (MENA) region. Bahrain and the UAE, in particular, have shown regulatory friendliness to the nascent industry of digital assets and blockchain
In December of last year, The Crypto Basic reported Binance’s in-principle license issuance in Bahrain. Three months later, in March, the crypto exchange received a full-blown license to operate as a virtual asset provider in the Kingdom.
Currently, Binance Pay supports 40 plus cryptocurrencies.