Binance, one of the main cryptocurrency exchanges, is constantly on the lookout for alliances that will allow it to expand globally and increase the adoption of cryptocurrencies, and the latest is just another example of this. The alliance comes about thanks to the license granted by the Central Bank of Bahrain to the exchange, which allows EazyPay to offer crypto payments to its clients through Binance Pay.
"The strategic cooperation in the introduction of the cryptocurrency payment acceptance service through the "Binance" platform and app is in line with the constant efforts of Easypay."
Easy Financial Services, popularly known as EazyPay, is a financial institution that offers payment services in Bahrain, a system very similar to BitPay. Now, this service will not only offer the possibility to pay in local currency, but also in all cryptocurrencies offered on Binance. The local payment platform has more than 5,000 points of sale throughout Bahrain, which Chanpeng Zao's exchange will now be able to access.
The process is simple, users must scan via the Binance app, the QR code generated from the EazyPay point of sale, and then select their favorite cryptocurrency. This partnership will reach retailers such as Lulu Hypermarket, Sharaf DG, and Al Zain Jewelry, all of which are well-known locally. Customers will be able to pay with crypto assets even in merchandising stores, according to the founder and CEO of EazyPay, who made the announcement.
EazyPay CEO Nayef Tawfiq Al Alawi says that this is a historic moment for the company and that he feels "very honored and proud" of this collaboration. It appears that this will be the first approved and regulated payment service provider in the region to enable cryptocurrency payments. This is just another step for Binance and the first step for Bahraini's local businesses.