Bahrain greenlights eazyPay to launch Binance Pay
The Central Bank of Bahrain has blessed a new partnership inked by Binance with Eazy Financial Services ‘eazyPay’, a local POS and online payment service provider. The greenlight enables EazyPayto to launch Bitcoin and cryptocurrency payments in the region.
EazyPay is a leading Bahraini fintech specialized in point-of- sale (POS) and online payment gateway acquiring services. The firm holds Visa’s Acquiring principal membership licenses, which allows its services to accept Visa digital payment solutions via 5000+ POS terminals across the Kingdom of Bahrain.
The alliance with Binance allows customers to use bitcoin as payment, which can be prompted via a QR code from EazyPay’s terminal. The codes are then scanned with the Binance App, allowing almost instant payments with the chosen currency.
Settlements will be facilitated by Binance, and the crypto-to-crypto gateway will support various crypto assets such as BNB, Bitcoin and Ethereum. With this development, EazyPay has joined the ranks of JA Resorts and Hotels and Majid Al Futtaim which were the first companies in the UAE to have integrated Binance Pay in their systems.
“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, Head of Business Development at Binance MENA.
In a statement posted on LinkedIn, Nayef Tawfiq Al Alawi, Founder, MD & CEO of Eazy said: “Very honored & proud historic moment, EazyPay Launches Crypto Payments via Binance Pay – region’s first regulated & approved payment service provider to accept & enable crypto payments. Now you can pay in stores with any preferred cryptocurrency using Binance App. Simply scan the QR from EazyPay POS and Go.”
The news comes after the Central Bank of Bahrain has granted Binance its Category 4 license as a fully-fledged crypto-asset service provider (CASP).
The crypto-asset license allows Binance to provide crypto-asset trading, custodial services and portfolio management to customers under the supervision of the Bahrain regulators. Binance Bahrain is the first exchange to be granted a category 4 license by the CBB.
Earlier this month, Bitcoin payment processor and cryptocurrency infrastructure provider OpenNode announced that it will test a bitcoin payment processing and payouts solution via the Central Bank of Bahrain’s regulatory sandbox.
OpenNode is working on a series of projects including a digital wallet, along with extensions of that wallet with an account linked debit card, as well as the ability to settle in a range of global currencies.