Bybit, the world's second-largest cryptocurrency exchange by trading volume, has announced the debut of Bybit Pay in Sri Lanka, marking a significant expansion of its global footprint. The initial rollout includes 50 physical point-of-sale and 50 digital merchant activations, establishing a comprehensive presence across retail, service, and online commerce within Sri Lanka's growing digital payment network.
Bybit Pay has strengthened its position as a borderless, crypto-native payment solution through extensive localization and global connectivity. With mobile penetration exceeding 130% and steadily increasing digital adoption, Sri Lanka presents a dynamic payment ecosystem ripe for innovation and in need of agile and cost-effective digital solutions. The introduction of Bybit Pay aims to empower the market with crypto-ready payment methods that efficiently serve both domestic merchants and international visitors.
Digital Assets: A Trusted Plug-and-Play Solution for Businesses
Bybit Pay offers a novel approach to democratizing access to digital assets. Regardless of business size or prior experience with processing crypto-enabled payments, retail stores, service providers, and online merchants can establish a physical point-of-sale system by joining the program.
Bybit Pay has partnered with Ceylon Cash to launch this initiative in Sri Lanka via CeyPay. This collaboration enables local businesses to seamlessly adopt crypto payment solutions and actively participate in the global shift towards digital asset-enabled commerce.
Through this new initiative, Bybit Pay will deploy 50 Android POS devices across traditional retail and service merchants. Concurrently, 50 digital merchants will be activated following a selection process. Applications for participation are currently open.
Key Benefits for Sri Lankan Merchants
Several key advantages make Bybit Pay an attractive option for merchants in Sri Lanka, addressing core challenges faced by local businesses and consumers:
- •Lightning Speed: Merchants and customers on the Bybit Pay network can confirm real-time payments. This is facilitated through instant proof-of-payment via API and ultra-fast settlement, effectively eliminating the multi-day delays often associated with legacy payment methods.
- •Affordable Access: Bybit Pay provides a cost-effective pathway for Sri Lankan businesses to engage with the global market, supporting both local and international payments at competitive rates. This cost advantage can improve profit margins for small businesses and benefit both local consumers and tourists.
- •Expanding Customer Base: Beyond geographical limitations, businesses often encounter a generational divide in payment preferences. Bybit Pay allows businesses to accept payments from digital-first and crypto-first consumers who might otherwise be disinclined to use traditional payment gateways.
- •Trust and Security: Featuring built-in fraud protection and compliance measures, Bybit Pay's robust network and security infrastructure are designed to enhance payment approval rates. This reduces the risk and potential costs associated with payment disputes for merchants.
- •Freedom to Choose: Both payers and merchants have the flexibility to settle transactions in either cryptocurrency or fiat currency, based on their individual preferences.
"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 helping make payments painless, efficient, and borderless for as many people as possible as they travel the world or build their own businesses."
Bybit Pay plans to publicly announce all 100 selected merchants in a dedicated directory for users and will continue to expand the merchant network across Sri Lanka. This market entry also aligns with Sri Lanka's broader digital transformation initiatives and addresses key business and consumer challenges, positioning participating merchants to better serve both domestic growth and enhance international competitiveness.
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is dedicated to redefining openness in the decentralized world by fostering a simpler, open, and equal ecosystem for everyone. With a strong emphasis on Web3, Bybit engages in strategic partnerships with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Known for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit effectively bridges the gap between traditional finance and decentralized finance, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Further information about the future of decentralized finance can be found at bybit.com.
For additional details about Bybit, please visit Bybit Press.
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