Binance Pay clients in UAE versus Bahrain, you win some you lose some

Binance Pay clients in UAE versus Bahrain, you win some you lose some

While Binance Pay with its partner in Bahrain is breaking records with new clients accepting crypto payments using the platform, in other places, like the UAE it is losing clients. The issue could be regulatory more than technical.

So last week, Novotel Bahrain Al Dana Resort became the first hotel in the region to accept crypto payments via EazyPay & Binance Pay, while UAE’s Dubai Canadian University seems to have changed its stance and is no longer willing to accept crypto payments. This also seems to be the same situation with UAE Emirates Zone Investment Services which has also announced a partnership, but no longer mentions this prominently on their website or in their tweets. While it still mentions it in their news section.

So back to Bahrain, Eazy Financial Services “EazyPay”, Bahrain’s payment services provider signed a payment services agreement with Novotel Bahrain Al Dana Resort, a luxury 4-star beachside hotel in Manama to offer crypto asset payments to its clients via Binance Pay application which is regulated by the Central Bank of Bahrain.

Novotel Bahrain Al Dana Resort’s General Manager, Mr. Amid Yazji commented: “Keeping up with the development of technologies, and our constant desire to provide our valued guests with the highest levels of service, we are thrilled to announce that we are the first hotel in the Kingdom of Bahrain and the region to use the latest digital payment technologies in partnership with Eazy Financial Services “EazyPay”

This is neither the first nor the last client in Bahrain to sign up. Over the past few months EazyPay has signed up an array of clients utilizing its partnership with Binance Pay. Bahrain real estate developer Bin Faqeeh Real estate Investment Company announced that clients could apartments or houses using cryptocurrencies using EazyPay’s POS terminals.

Even stc Bahrain has become the first telecom operator in Bahrain to accept cryptocurrencies through its partnership with Eazy Financial Services, a leading Bahraini Payment Services provider specializing in POS and online payment gateway. EazyPay uses BinancePay and wallet to offer this service to more than 5000 POS terminals in Bahrain.

While in the UAE, in January 2023, UAE Emirates Zone Investment Services announced it had partnered with Binance Pay, to accept crypto payments from the UAE start-up community, small and medium businesses (SMBs), Investors and Entrepreneurs who are planning to set up companies in the region. At the time, the service was prominently mentioned on the first page of their website and in their tweets. Yet now no tweet is visible on the matter and the only reference to the partnership is in their news section of their website.

Furthermore, another UAE client who had announced that they would be accepting cryptocurrencies with Binance Pay has since then retracted their statement. UAE’s Canadian University in Dubai had announced that it was accepting crypto payments through Binance Pay. In a twitter post the Canadian University Dubai announced that it had collaborated with Binance Pay to offer crypto as a payment method. According to the post students of Canadian University Dubai can use Binance Pay to pay their fees.

But then a few days later, in another tweet the Canadian University of Dubai stated, “Dear CUD Community, for technical reasons, CUD will not be accepting cryptocurrency as a method of payment, until further notice. We apologize for any inconvenience.”

It seems weird to have technical issues after the fact, as most entities try and test the service and ensure there are no technical issues before making announcements.

Could there be another reason for the sudden retraction? Could there have been regulatory restraints perhaps? One person commented on the Dubai Canadian University tweet saying, “Lies, you backed down because of pressure from gov. Paying in USDC or crypto is one of the easiest and cheapest ways to send value across the world with perfect and complete settlement.” While other tweet replies bashed Binance.

Whatever the reason it would seem that Binance while winning many clients to its Binance Pay platform, has also lost some especially in the UAE!

LaraotheBlock  reached out to Binance spokesperson and is awaiting their comments. If comments are made this article will be updated. 

LaraontheBlock also tried calling Emirates Investment Zone services but to no avail.

Bahrain EazyPay and Binance follow CoinMENA’s lead offering crypto payments in real estate

Bahrain EazyPay and Binance follow CoinMENA’s lead offering crypto payments in real estate

Bahrain real estate developer Bin Faqeeh Real estate Investment Company announced that clients can buy apartments or houses using cryptocurrencies. Bin Faqeeh will be offering crypto payment services with Bahrain financial service provider EazyPay POS terminals.

Binance Co-Founder and CEO, Changpeng Zhao tweeted about Bin Faqeeh Real Estate Company accepting Crypto Payments via Binance Pay through Eazy Financial Services. EazyPay and Binance had signed a partnership in Q4 2022 to offer crypto payment services to EazyPay’s 5000 plus POS terminals.

Prior to this Bahrain CoinMENA crypto broker partnered with Carlton Real Estate, a Bahrain-based real estate agency, allowing clients to buy real estate property using crypto assets. Under the partnership, Carlton real estate would accept stablecoins like USDT and USDC.

The UAE as well has been offering clients the ability to pay for real estate in cryptocurrencies. In May 2022 UAE Properties developer Nakheel and Abu Dhabi based crypto exchange Hayvn partnered to offer crypto payment options for Nakheel clients. Nakheel clients are able to pay for their rent, service fee, and real estate purchases in cryptocurrency.

Other real estate developers in UAE also are offering crypto payment services, such as DAMAC, SAMENA developers and more. In March UAE based Real estate and industry experts estimated that crypto payments for Dubai real estate increased by 300 percent in 2022. Majority of buyers are using stablecoins such as Tether, USDT as well as Bitcoin and Ethereum.

Even UAE Property Consultancy firm, Your place partnered with Utrust, a cryptocurrency payment solution designed to modernize the finance and payments industry offers clients the ability to pay for properties in Dubai UAE using cryptocurrencies. Recently Utrust is now enabling crypto payments for luxury hotels in the UAE. BM Hotels & Resorts luxury hotel chain is accepting digital currencies using Utrust.

Saudi Telecom in Bahrain first telecom operator in GCC to accept crypto payments

Saudi Telecom in Bahrain first telecom operator in GCC to accept crypto payments

stc Bahrain has become the first telecom operator in Bahrain to accept cryptocurrencies through its partnership with Eazy Financial Services, a leading Bahraini Payment Services provider specializing in POS and online payment gateway. EazyPay uses BinancePay and wallet to offer this service to more than 5000 POS terminals in Bahrain. 

The collaboration with Eazy Financial Services is a strategic step from stc Bahrain towards expanding the payment options with the future of currency to address the increasing demand for flexible and easy-to-use crypto payments. 

stc Bahrain CEO Nezar Banabeela, stated, “Rapid digitization across the globe is transforming all aspects of our lives, and payments are the most crucial element. From online shopping and streaming videos to money transfers, almost every digital activity relies on a payment system. We are incredibly proud to be the first telecom operator in Bahrain to accept cryptocurrency payments, a demonstration of our strong focus on advancing Bahrain’s fintech sector as world-class digital enablers. We continue to leverage the potential of the digital economy, which is limitless, make accepting crypto a seamless process and increase adoption as crypto is the future of payments.”

Nayef Tawfiq Al Alawi, Founder & CEO of Eazy Financial Services, added,”  We are very proud today to become the partners of STC Bahrain, The world-class digital enabler. This Partnership enables stc Bahrain to be the first telecom operator in the Kingdom to accept cryptocurrency payments in a regulated, secure and extremely fast manner. The benefits of bringing in EazyPay to STC Bahrain will ensure simple and effective transaction journeys for customers, with a partner which is able to ensure first-class service.” 

While, Tameem Al Moosawi, General Manager at Binance Bahrain, said:  “stc is known to be at the forefront of technology and innovation and, with this partnership, has set the benchmark for how telecom operators can enable the transition to the Web3 economy by accepting crypto payments. We are excited to be collaborating in this space to streamline services for customers and is once again a testament to Bahrain’s progressive regulatory framework and banking structure” 

tAt the same time Bahrain Kuwait Insurance Co (GIG Bahrain) has signed a payment services agreement with Eazy Financial Services ‘EazyPay’, Bahrain’s leading and most innovative payment services provider to allow for crypto payments  via ‘Binance App’, which is regulated by the Central Bank of Bahrain, making GIG Bahrain the first insurance company in the Mena region to accept premium payments as crypto assets payments in  regulated, secure and extremely fast manner.

The home of Bahrain’s F1 Grand Prix now accepting crypto payments

The home of Bahrain’s F1 Grand Prix now accepting crypto payments

Bahrain international Circuit is now accepting crypto payments using Bahrain’s Eazy Financial services, which has a partnership with Binance.

Using EazyPay, BIC will be provided with POS terminals at BIC outlets that will accept all types of debit and credit cards from Visa and MasterCard as well as the latest methods of payment using crypto assets via Binance application.

BIC is now the first International Circuit in the World to accept crypto assets Payments in a regulated, secure and extremely fast manner. 35,000 fans attended the F1 Grand Prix race in 2022 which is held at Bahrain international circuit.

The benefits of bringing in EazyPay to BIC will ensure simple and effective transaction journeys for customers, with a partner which is able to ensure first-class service.

“We are pleased to have brought on Eazy Financial Services as a POS service provider,” BIC Chief Commercial Officer Sherif Al Mahdy said.

“The services they offer will benefit our operations greatly while offering a smooth, hassle-free experience for our customers. We look forward to further building on our relationship for the benefit of both our companies.”

Nayef Tawfiq Al Alawi, Founder & CEO of Eazy Financial Services, said they are very proud to become the partners of the Bahrain International Circuit, the home of Motorsports in the Middle East, by providing EazyPay competitive, and innovative payment services.

Tameem Al Moosawi, General Manager of Binance Bahrain, said they are excited to welcome ‘The Home of Motorsport in the Middle East’ to the Web 3 Economy stating “This agreement enables BIC to become the first international racing circuit in the world to accept crypto-asset payments through Binance Pay’s partnership with EazyPay, showcasing how the Kingdom of Bahrain is continuously in the forefront, supporting regional & global players in keeping up with global trends.”

In late September 2022, Bahrain EazyPay, a payments solution provider, partnered with Binance’s Binance Pay to launch a regulated and approved crypto payments service offering in the Kingdom.

At the time, Nayef Tawfiq Al Alawi, Founder, MD & CEO of Eazy in Bahrain stated on LinkedIn,  “Now you can pay in stores with any preferred Cryptocurrency using Binance App.  A special thanks goes to Central Bank of Bahrain, Binance and Eazy Financial Services B.S.C (Closed) teams.”

EazyPay and Binance to offer crypto payments in Bahrain

EazyPay and Binance to offer crypto payments in Bahrain

Bahrain EazyPay, a payments solution provider,  has partnered with Binance’s Binance Pay to launch a regulated and approved crypto payments service offering in the Kingdom.

Nayef Tawfiq Al Alawi, Founder, MD & CEO of Eazy in Bahrain stated on LinkedIn,  “Now you can pay in stores with any preferred Cryptocurrency using Binance App.  A special thanks goes to Central Bank of Bahrain, Binance and Eazy Financial Services B.S.C (Closed) teams.” 

‎‏Eazy Financial Services “EazyPay”, a  Bahraini financial institute specialized in Point-of-Sale (POS) & Online Payment Gateway Acquiring services licensed & regulated by the Central Bank of Bahrain, has partnered with Binance, to offer crypto  payments using “Binance Pay” over “EazyPay”  across 5000+ Point-of- Sale (POS) Terminals & Online Payment gateways in the Kingdom of Bahrain.

Merchants such as ‎‏ Lulu Hypermarket, Sharaf DG and Al Zain Jewellery as well as local favorites such as Jasmi’s will now be able to accept 70+ cryptocurrencies from “Binance Pay” customers in a very fast & extremely secure way.

Customers can pay at Merchants Stores in “Real-Time” with cryptocurrency by simply scanning the generated QR from Eazy’s POS using their Binance App and pay with preferred cryptocurrency.