KEY TAKEAWAYS
- Bybit launches Bybit Pay in Sri Lanka, expanding its global presence with 50 physical and 50 digital merchant activations.
- Bybit Pay aims to enhance crypto payment solutions, leveraging Sri Lanka’s high mobile penetration and digital adoption.
- The platform offers fast transactions, competitive rates, and supports both crypto and fiat settlements, benefiting merchants and consumers.
Bybit, recognized as the world’s second-largest cryptocurrency exchange by trading volume, has announced the launch of Bybit Pay in Sri Lanka. This move marks a significant expansion in Bybit Pay’s global presence, as detailed here. The initial rollout includes 50 physical point-of-sale (POS) and 50 digital merchant activations, establishing a comprehensive network across retail, service, and online commerce sectors in Sri Lanka.
Bybit Pay aims to strengthen its position as a borderless, crypto-native payment solution by leveraging deep localization and global connectivity. With mobile penetration exceeding 130% and increasing digital adoption, Sri Lanka presents a vibrant ecosystem ripe for innovation in digital payments. The introduction of Bybit Pay is set to empower crypto-ready payment methods, serving both domestic merchants and international visitors efficiently.
How Bybit Pay Supports Sri Lankan Businesses
Bybit Pay offers a versatile solution for businesses of all sizes, enabling them to adopt crypto payment systems regardless of their prior experience. The initiative, in partnership with Ceylon Cash through CeyPay, facilitates local businesses in embracing crypto payment solutions and participating in the global shift towards digital asset-enabled commerce.
The rollout includes the deployment of 50 Android POS devices across traditional retail and service merchants, alongside the activation of 50 digital merchants. Applications for participation are currently open, allowing businesses to join this innovative payment network.
Key Benefits for Merchants and Consumers
Bybit Pay offers several advantages that address core challenges faced by Sri Lankan businesses and consumers. The platform provides lightning-fast transaction speeds, with real-time payment confirmations and ultra-fast settlement, eliminating the delays associated with traditional methods.
Additionally, Bybit Pay offers affordable access to global markets, supporting both local and international payments at competitive rates. This cost-effectiveness can improve profit margins for small businesses and benefit both local consumers and travelers.
Merchants can also expand their customer base by accommodating digital-first and crypto-first consumers, who may be deterred by traditional payment gateways. Bybit Pay’s robust security infrastructure enhances trust and reduces the risk of payment disputes, offering flexibility for payers and merchants to settle in either crypto or fiat currencies.
Nazar Tymoshchuk, Regional Manager at Bybit, highlighted the strategic importance of Sri Lanka’s tech-forward consumers and diverse merchant landscape, stating that these factors create ideal conditions for crypto payment adoption. Bybit Pay plans to publicly announce all 100 selected merchants in a directory and continue expanding its merchant network across Sri Lanka.
Why This Matters: Impact, Industry Trends & Expert Insights
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has launched Bybit Pay in Sri Lanka, marking a significant expansion in its global presence. This initiative includes the activation of 100 merchants, both physical and digital, across the country.
A recent industry report highlights a notable trend in crypto payment adoption in Sri Lanka, fueled by Bybit Pay’s launch. This aligns with the broader digital transformation strategy in the country, despite regulatory restrictions. The increased mobile penetration and interest in decentralized finance indicate a strong local momentum for digital payments.
Expert insights suggest that Bybit Pay’s impact in Sri Lanka is viewed positively for advancing digital payments and empowering local merchants. This supports the broader adoption of blockchain technology and financial inclusion initiatives in the region, highlighting Bybit’s role in fostering a digital economy despite regulatory uncertainties.
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