Leading shopping mall operator Majid Al Futtaim has partnered with Binance to accept cryptocurrencies and use NFT technologies in its chain — shopping malls, hotels, cinemas, hypermarkets, and retail stores in the Middle East, Africa, and Asia.
On May 31 MAF announced the signing of a strategic partnership with Binance. The deal will allow customers to purchase with virtual assets at MAF’s businesses. As the company has tweeted “with Dubai being a favoured destination for cryptocurrency & web3 companies in the region, integrating web3 technologies will benefit millions of customers in Middle East and North Africa. By partnering with Binance, we further our commitment to meet the ever-evolving needs of our customers”.
Companies will work jointly on a number of blockchain projects, including listings of NFTs on Binance’s marketplace, the creation of a digital wallet infrastructure and the integration of Binance Pay. It will allow customers to purchase with virtual assets at Majid Al Futtaim’s various destinations in line with local laws and regulations.
Alain Bejjani, CEO at Majid Al Futtaim, said: “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. 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.”
“Majid Al Futtaim has 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. 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” said Changpeng Zhao, the CEO of Binance.
This is true, and it explains why Binance is interested in such a partnership. The huge retailer can attract a lot of customers to Binance by making crypto payments accessible and useful in everyday life.
Several major corporations are already offering the option of cryptocurrency as payment. Microsoft, Starbucks, some airlines, PayPal, Etsy, AT&T etc. But there aren’t many hypermarkets where you could use crypto. Here you can read about Konzum, the biggest supermarket chain in the Western Balkan, which recently became the first retail chain in Croatia where customers can pay with digital assets. And Majid Al Futtaim is the exclusive franchisee for — wait a second — Carrefour, the world’s second largest hypermarket chain, with 300 outlets in 16 countries! It means that if the project is a success, soon you will be able to buy your snacks for BTC in one of the most recognisable supermarkets!