Bahrain : In a move that brings the future of payment processes to their everydaytransactions, LuLu Hypermarkets across Bahrain have become the first
retail outlet in the Kingdom to accept cryptocurrency payments.
An agreement to facilitate cryptocurrency payments was signed
between LuLu Group’s Director Mr. Juzer Rupawala and the Eazy
Financial Services Founder and CEO Mr. Nayef Tawfiq Al Alawi. The
agreement will harness Eazy’s POS payment systems and through it,
the world’ssimleading blockchain ecosystem and cryptocurrency
infrastructure provider, Binance. Customers at LuLu can simply make
their purchases and use the Eazy machines at checkout to pay in
cryptocurrency.
Eazy is licensed and regulated by the Central Bank of Bahrain as a provider of
online payment services, payment gateways, and POS systems. In 2020, it
launched its EazyPay POS terminals and the EazyPay SoftPOS app, which
allows local merchants and SMEs to accept contactless payments. With 900
merchants and more than 5,692 POS terminals across Bahrain, Eazy
Financial helped process transactions worth a total of $794 million in 2021.
Binance is the world’s with a financial product suite that includes the largest
digital asset exchange by trading volume. Trusted by millions worldwide,
Binance is committed to increasing financial freedom for users, and features an
unmatched portfolio of crypto products and offerings.
Nayef Tawfiq Al Alawi, Founder & CEO of Eazy Financial Services, expressed
his delight saying: We are very proud today to become a payment service
provider to Lulu Hypermarket, by providing Lulu Hypermarket a competitive yet
innovative payment services to their customers. Lulu Hypermarket is the leader
in innovation by accepting crypto payments in its stores, thanks to Lulu and our
partner in crypto “Binance Pay”.
Tameem Al Moosawi, Bahrain Country Manager of Eazy Financial Services,
said, “We are excited to welcome LuLu Group, a multinational conglomerate,
venturing into the Web3 economy as it starts to accept virtual asset payments
through the partnership between Binance and Eazypay. The companies share a
common vision to streamline product offerings for merchants and customers
through best-in-class technology. This is also a testament to The Kingdom of
Bahrain’s progressive regulatory framework which supports regional and global
players in aligning with global trends within the payments and Web3 economy.”