LuLu becomes first hypermarket in Bahrain to accept cryptocurrency

TDT | Manama             

The Daily Tribune – www.newsofbahrain.com

In a move that brings the future of payment processes to their everyday transactions, 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 Juzer Rupawala and the Eazy Financial Services Founder and CEO Nayef Tawfiq Al Alawi. The agreement will harness Eazy’s POS payment systems and through it, the world’s leading 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 leading blockchain ecosystem, with a 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.”