KEY TAKEAWAYS
- Bybit partners with SettlePay to enhance its payment service, Bybit Pay, expanding its reach in fiat and crypto transactions globally.
- The collaboration leverages SettlePay’s infrastructure, supporting over 150 payment methods across 50 countries, to provide efficient crypto payment solutions.
- This partnership aims to accelerate cryptocurrency payment adoption, offering seamless solutions for international businesses and digital asset holders.
Bybit, recognized as the world’s second-largest cryptocurrency exchange by trading volume, has announced a strategic partnership between its payment service, Bybit Pay, and SettlePay, a global payment gateway. This collaboration aims to expand Bybit Pay’s reach in meeting the fiat and crypto payment needs of businesses worldwide.
The partnership leverages SettlePay’s extensive infrastructure, which supports over 150 payment methods and is utilized by hundreds of merchants across more than 50 countries. This integration is designed to provide faster and more efficient crypto payment solutions, enabling thousands of merchants to activate Bybit Pay through SettlePay’s platform.
According to Sophie Chen, Head of Marketing, Payment Business Unit at Bybit, the partnership is a step towards enhancing the capabilities and network of Bybit Pay. She emphasized the goal of bridging all eligible payment methods to better serve merchants and payers globally.
Enhanced Payment Solutions for Global Merchants
The collaboration between Bybit Pay and SettlePay is set to offer a seamless payment experience for businesses, particularly those with international ambitions. The integrated solution aims to connect small businesses, such as e-commerce companies and cross-border service providers, to a broader customer base, including digital asset holders.
Igor Bokiy, CEO of SettlePay, highlighted the partnership’s potential to create a frictionless and high-conversion experience for merchants. He noted that Bybit Pay’s integration into SettlePay’s ecosystem would provide custom-fit solutions, local payout rails, and access to high-growth regions.
Accelerating Crypto Payment Adoption
This partnership marks a significant step in making cryptocurrency payments more accessible and operationally viable for businesses worldwide. Bybit Pay, which currently serves global users who have completed identity verification, is now positioned to accelerate adoption across diverse markets.
For more details on the partnership and its implications, the official announcement can be found here.
Why This Matters: Impact, Industry Trends & Expert Insights
Bybit’s partnership with SettlePay aims to enhance global crypto payment solutions by integrating extensive payment infrastructures, thus broadening Bybit Pay’s reach in the fiat and crypto payment landscape.
Recent industry reports indicate accelerated mainstream integration of crypto payments, driven by consumer demand, merchant adoption, and stablecoins. This aligns with Bybit’s strategic move to expand its payment services globally, leveraging SettlePay’s infrastructure to meet the growing demand for diverse payment options.
As per insights from industry experts, the fusion of crypto with open banking and the adoption of stablecoin-first strategies are becoming mainstream across various sectors. This supports Bybit’s initiative to provide seamless payment experiences for merchants, enhancing their ability to connect with a global customer base and facilitating crypto-fiat transactions.
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