KEY TAKEAWAYS
- Bybit partners with Idram to integrate cryptocurrency payments into Armenia’s retail sector.
- The collaboration will enable QR code payments at over 25,000 points of sale across Armenia.
- Idram holds over 90% of Armenia’s QR payment market, enhancing Bybit’s global payment reach.
- The partnership aims to foster innovation and strengthen global connections in digital payments.
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced a strategic partnership between Bybit Pay and Idram, a leading financial service provider in Armenia. This collaboration aims to integrate cryptocurrency payments into Armenia’s retail sector, marking a significant step in Bybit Pay’s mission to expand global payment rails.
The partnership will be officially launched at a ceremony in Yerevan, Armenia, on October 22, 2025. Key stakeholders from both Bybit and Idram will discuss their shared vision for advancing digital payment infrastructure in the region. This initiative will allow users to make QR code payments at over 25,000 points of sale across Armenia.
Idram, which holds over 90% of the QR payment market share in Armenia, has been a pioneer in digital payment solutions for over two decades. The collaboration with Bybit Pay will enable international users to enjoy seamless payment experiences using the Bybit Pay app when visiting Armenia. Merchants will benefit from access to a unified market within the Eurasian Economic Union, which encompasses over 185 million people.
Sophie Chen, Head of Marketing for Bybit’s Payment Business Unit, emphasized the natural synergy between Bybit and traditional fintech companies. She stated that the expansion into Armenia, powered by Idram’s network, is a step towards enhancing crypto convenience for Bybit’s community. Arsene Kdenian, CEO of Idram, highlighted the partnership’s role in fostering innovation and strengthening global connections, allowing Bybit users to make payments with digital assets at numerous points of sale in Armenia.
The payment process involves scanning a merchant’s QR code with the Bybit Pay app, confirming the transaction details, and completing the payment with a tap. Bybit Pay continues to expand its reach, serving global users who have completed identity verification, although users from service-restricted countries are not currently supported.
For more details on the partnership and terms of service, visit the official announcement here.
Why This Matters: Impact, Industry Trends & Expert Insights
Bybit’s partnership with Idram to integrate cryptocurrency payments into Armenia’s retail sector marks a significant expansion of digital payment options in the country.
A Coinlaw report highlights the growing trend of crypto payment adoption in Armenia, driven by strategic partnerships like that of Bybit and Idram. This initiative enhances financial accessibility and promotes the utility of cryptocurrencies in everyday transactions, aligning with Armenia’s broader regulatory strategy to increase transparency by 2026.
A Debut Infotech analysis underscores that integrating crypto payments can transform retail by offering fast, secure, and efficient transactions. This supports the significance of Bybit’s move, as it bridges traditional retail with blockchain-based payments, allowing merchants to reach tech-savvy consumers globally.
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