Bahrain accepts cryptocurrency payments through EazyPay following a partnership with Binance Pay.
EazyPay has been given the go-ahead by the Central Bank of Bahrain to accept cryptocurrency payments and introduce Bitcoin to the area.
A platform for online payment gateways is called EazyPay. Nayef Alawi, the CEO of EazyPay, made this announcement.
Now EazyPay has a partnership with Binance, a well-known cryptocurrency exchange and supplier of payment services.
Through this alliance, EazyPay will be able to operate more than 5,000 POS terminals and payment gateways in Bahrain, enabling the acceptance of Bitcoin.
A QR code will be sent to users who want to use Bitcoin as a payment option from the EazyPay platform.
Users will need to use the Binance App to scan this QR code from EazyPay. This will provide quick and easy payments in the selected currency.
Additionally, Binance will make it simple for companies like payment processor EazyPay and other merchants that want to use the platform to achieve speedy fiat conversions for their customers.
Over 70 cryptocurrencies will be accepted as payment choices by local businesses and retailers such Lulu Hypermarket, Sharf DG, Al Zain Jewelry, and Jasmi’s.
The transaction must be completed by scanning the QR code from the EazyPay website and then visiting the Binance app.
Developments In Bahrain’s Crypto Industry
Khalid Hamad, executive director of the CBB’s banking supervision, has congratulated EazyPay on gaining the bank’s clearance. He said,
We would especially like to thank Binance, Eazy Financial Services, and the Central Bank of Bahrain.
The CEO of Binance, as well as the executive director, rejoiced that EazyPay would be the first Bitcoin and cryptocurrency payment service to be launched in the Middle East and North Africa area, commonly known as the MENA region, and that it would be licensed and approved.
Al Alawi also noted that the Bahrain central bank now has a license for and is in charge of regulating Eazy Financial Services.
EazyPay is now the sixth point-of-sale (POS), online payment gateway, and payment service provider platform.
In Bahrain, Binance had already received a number of regulatory approvals.
In Bahrain, Binance has already obtained a number of regulatory permissions, including a Category 4 license and a permit for crypto service providers.
The third-smallest nation in Asia, Bahrain has made significant strides in recent years toward accepting cryptocurrencies.
Even in 2019, CBB released a framework for a variety of crypto-related operations.
The licensing, governance, risk management, anti-money laundering requirements, reporting, security, and even other laws pertaining to crypto-asset services have all been formally created.
Head of Business Development at Binance MENA, Nadeem Ladki, stated,
EazyPay, a pioneer in its field, has raised the bar for innovation by deciding to accept cryptocurrency payments and integrating Binance Pay into its systems. This choice shows the direction the payment industry should go as we move toward the Web3 economy.