Mastercard and Bahrain-based Eazy Financial Services are working together to equip small and medium-sized businesses (SMBs) and micromerchants with online payment technologies and access to financial services, according to an announcement.
“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 is smart, seamless, and simple,” J.K. Khalil, country manager for Saudi Arabia, Bahrain, and Levant at Mastercard, said in the announcement.
Eazy recently received its POS & Online Acquiring license from the Central Bank of Bahrain and rolled out EazyPay, a software point of sale (SoftPOS) offering that can be downloaded from the Google Play Store. That offering lets local retailers and SMBs take different kinds of contactless payments. Eazy implemented a biometric payment network in Bahrain in 2019. The firm allows for biometric transactions in Bahrain for use cases such as in-store payments and cash withdrawals, among others.
“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,” Eazy Financial Services Founder & CEO Nayef Tawfeeq Al Alawi said in the announcement.
Mastercard works with various stakeholders, such as FinTech firms, to help link a billion individuals to the digital economy by the middle of the decade, according to the announcement.
Firms in Bahrain’s FinTech industry have an essential part in “cascading access to solutions that can aid digital transformation in the SME sector, which contribute around 30 percent of the Bahraini gross domestic product (GDP),” according to the announcement.