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Manama, Bahrain: Mastercard has partnered with Bahraini fintech & Payment service provider Eazy Financial Services to provide SMEs and micro merchants with digital payment tools and access to financial services that will accelerate inclusive economic growth in Bahrain. The partnership will also support the expansion of Eazy’s services, as well as improve access, opportunities and connections within the country’s digital payments ecosystem.
“Partnering with fintechs is an important part of how we reshape and advance the digital payments landscape. We are delighted to collaborate with Eazy and offer access to our innovative solutions. Together, we are able to support small businesses and merchants across the Kingdom and give them access to the right tools ensuring the transition to digital payments acceptance smart, seamless, and simple,” said J.K. Khalil, Country Manager, Saudi Arabia, Bahrain, and Levant, Mastercard.
Fintechs in Bahrain’s dynamic fintech space play a vital role in cascading access to solutions that can aid digital transformation in the SME sector, which contribute around 30% of the Bahraini gross domestic product (GDP). In line with the country’s Economic Vision 2030, Bahrain has also invested in frameworks that aim to support a robust entrepreneurship ecosystem. Mastercard has committed to drive sustainable growth and inclusion of small businesses across the landscape, and its fintech partnerships are embedding financial services into experience-centric, innovative solutions across the financial services ecosystem.
“Our aim is to add value, and Mastercard’s seamless payments technology solutions gives us the opportunity to do that. We are united in our vision to make digital payments more seamless, smart and swift, creating pathways to progress in new ways,” said Nayef Tawfeeq Al Alawi, Founder & CEO of Eazy Financial Services.
In March 2021, Eazy obtained its POS & Online Acquiring license from the Central Bank of Bahrain and launched its new Software point of sale Application (SoftPOS) solution called “EazyPay” which is available for download in Google Play Store to all Android users, allowing Local Merchants & SME’s in the market to accept variety of “Contactless Payments” supporting to extend the acceptance of an untapped segment of merchants. Back in 2019 Eazy have established the first of its kind ‘Biometric Payment Network’ in Bahrain, Eazy enables biometric transactions for cash withdrawals, in-store payments, in-branch customer services, identification services, merchant loyalty programs, and more.
In addition to Mastercard’s growth-focused digital expertise, the technology company has the global reach, network of partners and local knowledge to collaborate with fintechs at every stage of growth through the Mastercard Accelerate portfolio. Mastercard partners with a variety of stakeholders, including fintech innovators, to help connect 1 billion people to the digital economy by 2025, including 50 million small businesses, with a direct focus on 25 million women entrepreneurs.
© Press Release 2021
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