Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced a new strategic partnership between Bybit Pay and Idram, Armenia’s established financial service provider and digital payment powerhouse.
Joining forces to launch comprehensive payment services in Armenia, Bybit Pay and Idram will enable users to make QR code payments in the country at more than 25,000 in-store points of sale. With more than 90% in QR payment market share in Armenia, Idram specializes in compliant and innovative digital payment solutions and has been serving the community for over two decades.
For merchants, Idram enables a single-point access within the uniformed market of Eurasian Economic Union countries, home to over 185 million people. International users of Bybit Pay will also get to enjoy a seamless payment experience with just their app when they travel to Armenia.
“Bybit and traditional fintech companies are natural partners. Bybit Pay’s expansion to Armenia powered by Idram’s network is another step in building our global reach and elevating crypto convenience for our community,” said Sophie Chen, head of marketing, Payment Business Unit at Bybit. “We are committed to establishing deep, meaningful partnerships that create lasting value for local communities.”
“This partnership demonstrates Idram’s commitment to innovation and strengthening global connections,” said Idram CEO Arsene Kdenian. “By integrating our QR system with Bybit Pay, we enable international visitors to make convenient and secure payments while visiting Armenia. At the same time, recognizing that the use of cryptocurrency just started to develop worldwide, this collaboration allows Bybit users to make payments already in Armenia with their digital assets app at more than 25,000 points of sale in an easy and accessible way.”
How it works
- The user scans the merchant QR code with the Bybit Pay app (by choosing “Bybit Pay” -> “QR Pay”)
- The payment confirmation window opens, displaying the transaction details
- The user taps “Confirm” to approve and complete the payment
Bybit Pay continues to unlock new destinations for its users while advancing the broader mission of global financial accessibility. The crypto-native payment solution currently serves eligible global users who have successfully completed Identity Verification on Bybit. Users from Service Restricted Countries or local Bybit entities are not currently supported.