Bybit Pay extends crypto payment services to Sri Lanka

In this post:

• Bybit has announced that it is taking its Bybit Pay crypto payment services to Sri Lanka, adding a new destination to its global footprint. 
• The initial rollout includes 50 digital merchants and 50 physical Android POS (point of sale) activations across the country’s emerging digital payments network. 
• Bybit’s regional manager, Nazar Tymoshchuck, stated that the rollout is part of Bybit Pay’s commitment to making payments seamless.

Bybit Pay has just debuted in Sri Lanka as it expands its crypto payment services, adding a new destination to its global footprint. The crypto settlements service provider added 50 digital merchants and activated 50 physical Android POSs across the country’s budding crypto payments network.    

Bybit claims that its introduction of Bybit Pay in Sri Lanka will enable businesses with crypto-ready payment methods to serve both international visitors and domestic merchants efficiently. The crypto payments service provider has strengthened its presence as a borderless payment solution through extensive localization and worldwide connections. Application is open.

The exchange’s team emphasized that Sri Lanka has a vibrant crypto payments ecosystem, with mobile penetration surpassing 130% and crypto adoption continuing on an upward trend. It added that the move to Sri Lanka reflected the company’s timely response to demand for nimble and affordable crypto solutions. 

Bybit Pay offers democratized crypto access in Sri Lanka

Bybit Pay stated that it aims to democratize access to crypto payments, regardless of a business’s size or prior experience in processing crypto-related payments. The crypto payments service will allow retail stores, service providers, and online merchants to set up physical POSs when they join the program. 

Bybit Pay collaborated with Ceylon Cash to enable local businesses to adopt crypto payments through CeyPay. The crypto payment solution’s team said this partnership will enable local businesses to participate in global crypto-enabled commerce. 

Bybit has also announced that customers and merchants on the Bybit Pay network can now confirm real-time payments through APIs, eliminating the common delays associated with legacy multi-day methods. Sri Lankan businesses will have access to a cost-effective way to go global, with low-cost local and international payments being provided at competitive prices. 

The exchange noted that with Bybit Pay, businesses can activate payments from crypto-first or digital-first consumers who may otherwise avoid traditional payment gateways. 

Built-in fraud protection and compliance also enable Bybit Pay’s robust network and secure infrastructure to increase the rate of payment approvals. It also reduces the risks and potential costs associated with merchant payment disputes, according to Bybit.

Nazar says Bybit Pay makes payments painless

Bybit’s regional manager, Nazar Tymoshchuck, stated that the rollout is part of Bybit Pay’s commitment to making payments seamless. He added that the rollout would also make   

Sri Lanka’s payment solutions borderless for as many people as possible. Tymoshchuck believes that the country’s combination of tech-forward consumers and significant international visits is key to crypto adoption.

Bybit will publicly announce all 100 selected merchants and POSs in a user directory and continue to grow the network of merchants across the country. The exchange also claimed that the market entry supports Sri Lanka’s broader initiatives in crypto transformation. The market entry also addresses critical business and consumer challenges, positioning participating merchants to better compete internationally and promote domestic growth.  

Bybit has further disclosed that it will continue to strategically partner with blockchain protocols to provide robust infrastructure and push for on-chain innovation. The exchange bridges the gap between DeFi and TradiFi, empowering more than 70 million creators and builders to unlock Web3’s full potential.