Majid Al Futtaim and Binance to work on NFT and crypto payments with Binance Pay

This move will allow customers across the MENA region to purchase with virtual assets at the retail and leisure giant MAF’s various destinations, in line with appropriate laws and regulations, harnessing the power of Web3 technologies.

“The exponential rate of technology development today is matched only by consumers’ voracious appetite for exceptional customer experiences in both the physical and digital world,” said Alain Bejjani, CEO at Majid Al Futtaim.

“We are delighted to be partnering with global Web3 leader, Binance on the new frontiers of customer engagement and experience and look forward to working in tandem to evolve the third generation of web technology, develop strong capabilities and deliver innovation and world-class omnichannel experiences to our customers,” he continued.

Binance Pay is a contactless, borderless, and secure user-to-user gateway on the Binance App that allows users and merchants around the world to use crypto without incurring special handling fees.

“Majid Al Futtaim is one of the most prestigious businesses in the Middle East and has millions of customers every year. Integrating Web3 technologies will give its customers access to innovative new ways to engage with its brands and provide new ways to pay,” said Changpeng Zhao ‘CZ’, CEO and co-founder of Binance.

“Through partnerships like these, we will see the innovative use-cases that come to define the next digital era emerge, and Majid Al Futtaim is positioned to become a trailblazer in bridging the gap between physical and Web3 experiences,” he added.

Earlier today, Binance received a new licence from Bahrain’s Central Bank that will let the blockchain and cryptocurrency firm offer a “full-suite of crypto exchange services,” a statement from the company said.