Bahrain accepts crypto payments via EazyPay after partnering with Binance Pay

by Arthur · September 22, 2022

The Central Bank of Bahrain has given EazyPay a green signal to carry out crypto payments and also launch Bitcoin in the region.

EazyPay is an online payment portal platform. This was announced by the CEO of EazyPay, Nayef Alawi.

EazyPay has now partnered with Binance, which is a well-known crypto exchange along with a payment service provider.

This partnership will enable EazyPay to operate more than 5,000 point-of-sale (POS) terminals and payment gateways in Bahrain, which will help accept Bitcoin.

Users who are willing to use Bitcoin as a payment method will receive a QR code from EazyPay’s platform.

This EazyPay QR code that users will receive must be scanned with the Binance app. This will help with smooth and immediate payments in the chosen currency.

Binance will also offer convenience for businesses like payment merchant EazyPay and for those merchants who want to use the platform to get fast fiat conversions for those merchants.

Local merchants and businesses, which include Lulu Hypermarket, Sharf DG, Al Zain Jewelry and Jasmi’s, will accept over 70 cryptos as payment options.

The payment must go through by scanning the QR code from the EazyPay platform and then going to the Binance app.

The developments in the crypto industry in Bahrain

Managing Director of Banking Supervision at CBB, Khalid Hamad, has congratulated EazyPay on receiving approval from the bank. He noted,

Special thanks go to the Central Bank of Bahrain, Binance and Eazy Financial Services

Not only the CEO, the CEO of Binance celebrated that EazyPay would be the first regulated and approved crypto and Bitcoin payment services offered in the Middle East and North Africa, also referred to as the MENA region.

Al Alawi also mentioned that Eazy Financial Services is now licensed and also regulated by the Central Bank of Bahrain.

This makes EazyPay the fifth point of sale (POS) and online payment gateway platform and also a payment service provider.

Binance has previously received various regulatory approvals in Bahrain

Binance has previously received several regulatory approvals in Bahrain, which included a Crypto Service Provider license along with a Category 4 license.

Bahrain is the third smallest country in Asia, and it has been actively moving towards adopting cryptocurrency in recent years.

The CBB even issued a framework in 2019 related to a number of crypto-related activities.

This has officially established rules related to licensing, governance, risk management, anti-money laundering standards, reporting, security, and even other rules regarding services for cryptoassets.

Nadeem Ladki, Head of Business Development at Binance MENA, mentioned,

As a leader in its field, EazyPay’s decision to accept cryptocurrency payments and integrate Binance Pay into its systems raises the bar for innovation and demonstrates the way forward for the payments industry as we transition to the Web3 economy.