Regional Expansion and Initial Rollout
Bybit Pay, the payments arm of crypto exchange Bybit, announced on Wednesday the launch of its crypto payment solution in Sri Lanka as part of its regional expansion strategy. The rollout introduces both physical and online merchant activations, positioning Sri Lanka as one of the latest markets to integrate crypto-based payment infrastructure within its retail and services sectors.
According to the company’s announcement, the initial phase will cover 50 physical point-of-sale (POS) systems and 50 digital merchant activations, offering both local businesses and international visitors access to crypto-based transactions.
Partnership and Payment Gateway
The initiative will be implemented in partnership with Ceylon Cash through the CeyPay platform, providing a gateway for Sri Lankan merchants to accept digital assets alongside traditional payment methods.
Market Rationale and Merchant Benefits
The company cited Sri Lanka’s high mobile penetration rate of over 130% and rapid digital adoption as key factors driving the move. Bybit described the local market as “tech-forward,” highlighting its combination of domestic businesses and tourism-related commerce as fertile ground for crypto payment integration.
Under the new system, merchants will be able to process real-time transactions with instant proof-of-payment through API connections and near-instant settlements, a contrast to the multi-day clearing periods common with legacy payment systems.
The service allows settlement in both crypto and fiat currencies, aiming to appeal to both digital-native and traditional users. Bybit said the cost advantage of crypto-enabled transactions could help small and medium-sized businesses improve margins, while also allowing them to reach global customers more easily.
Security and Future Plans
Fraud protection and compliance systems are built into the platform to mitigate payment risks.
“Sri Lanka’s combination of tech-forward consumers, substantial international tourism, and diverse merchant landscape creates ideal conditions for crypto payment adoption,” said Nazar Tymoshchuk, Regional Manager at Bybit. “This rollout is part of Bybit Pay’s commitment to make payments painless, efficient, and borderless for as many people as possible.”
Once fully operational, Bybit Pay plans to publish a directory of 100 approved merchants, with additional expansions expected as adoption grows.
The launch also aligns with Sri Lanka’s ongoing digital economy initiatives, which have focused on improving fintech access and expanding digital payments infrastructure in recent years.