Binance And EazyPay Collaborate To Support Crypto Payments In Bahrain

The year 2022 was challenging for the entire crypto industry. Numerous businesses and exchanges have collapsed during a protracted bear market, yet Binance has managed to stay afloat.

The exchange appears to have been drawn in many different ways by the Middle East. The biggest cryptocurrency exchange in the world collaborated with Bahrain’s EazyPay in order to continue its regional focus.

Recent rumors claim that Binance would be able to provide cryptocurrency payments to more than 500 merchant businesses in the area. Customers will be able to use cryptocurrency to pay in “real-time” at merchant stores.

After being acknowledged for its Point-of-Sale [POS] and Online Payment Gateway Acquiring services, EazyPay became a significant network. Customers will only need to scan a QR code created by EazyPay’s point of sale system.

Customers would require the Binance app to make a payment using their chosen cryptocurrency here. The recent announcement, according to Nayef Tawfiq Al Alawi, founder, MD, and CEO of Eazy Financial Services, was a significant development for both parties to the agreement.

Nadeem Ladki, Head of Business Development at Binance MENA added :

“As a leader in its space, EazyPay 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.”

Binance Pay will be useful

Users will be able to make payments in more than 70 cryptocurrencies throughout the Kingdom of Bahrain, as was already mentioned. Many different cryptocurrencies would be accepted by merchants using Binance Pay, including Lulu Hypermarket, Jasmi, Al Zain Jewelry, Sharaf DG, and several others.

The Bahrain-based platform aims to break new ground by being the first regulated supplier of crypto payments services in the area.

The fact that this is not Binance’s first foray into Bahrain should be recognized. The company was successful in obtaining a license from the Central Bank of Bahrain [CBB] to provide crypto-asset services back in May. The exchange became the first exchange to obtain a CBB category 4 license.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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