Binance partners with an EazyPay store in Bahrain. Customers can pay for items instantly at merchant stores using cryptocurrency. You will scan the QR generated from Eazys POS on the Binance app to pay. This is the first-ever regulated and approved crypto payment service in the nation.
Eazy Financial Services’ EazyPay’ is a Bahraini financial institution specializing in point of sale (POS). It is licensed and regulated by the Central Bank of Bahrain. Collaboration with Binance will offer cryptocurrency payments with ‘Binance Pay’ via ‘EazyPay.’ This occurs through over 5000 point-of-sale (POS) terminals and online payment gateways in the Kingdom of Bahrain. EazyPay’s CEO highlights famous local merchants accept over 70 cryptocurrencies on Binance Pay. Users paying in cryptocurrencies can “scan the generated QR code from Easy POS”.
Nadeem Ladki, Head of Business Development at Binance Middle East and North Africa, said of the collaboration:
“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 in the payment industry as we transition into the Web3 economy”.
Binance Offers Convenience to Firms Like Eazypay
The Central Bank of Bahrain (CBB) has approved EazyPay to accept Bitcoin and cryptocurrency payments in the region. Users from different areas who want to use Bitcoin as a payment method will pick up the QR code from EazyPay terminals. The users will then scan the QR using the Binance app and will be able to make instant payments using the currency of choice. Binance brings convenience to businesses like EazyPay.
Binance Bahrain has a Cat 4 license from the Central Bank of Bahrain (CBB). The license helps operate as a Crypto Asset Service Provider (CASP). A special permit from a central financial entity will allow Binance Bahrain to offer a wide range of digital assets. This creates exchange services for Bahrain-based Binancians. This license makes Binance the first exchange in the world to hold a Category 4 license as a cryptocurrency service provider.
CBB Banking Supervision Executive His Director Khalid Hamad reportedly congratulated EazyPay on getting the bank’s approval. Binance’s CEO congratulated EazyPay on becoming the first approved Bitcoin and cryptocurrency payment service in the Middle East.
Cryptocurrency Investment Amid the Bear market
Even though the markets are red, it is good to see that it is not affecting investors. The impact of the cryptocurrency crash on businesses has inherent risks for investors. Seeing Binance partner with firms from all over the globe increases optimism in cryptocurrency.
This year alone, Binance has partnered with many firms and countries. It even has a Blockchain week. Collaborating with Bahrain is a step that encourages investors. This pushes for cryptocurrency adoption in Bahrain. Not many people use instant crypto payments. The Binance app is also easy because it has little to zero charging fees. You can even purchase items worth millions; no one will trace your transactions. EazyPay is a step ahead.