Cryptocurrency exchange Bybit has debuted Bybit Pay in Sri Lanka. The initial rollout covers 50 physical point-of-sale and 50 digital merchant activations.
With mobile penetration exceeding 130% and ever-growing digital adoption, Sri Lanka has a vibrant payment ecosystem with significant opportunities for innovation and demands for nimble and affordable digital solutions. The introduction of Bybit Pay will empower crypto-ready payment methods that serve both domestic merchants and international visitors efficiently.
No matter the size of the business, and regardless of prior experience in processing crypto-enabled payments, retail stores, service providers and online merchants will be able to set up a physical point of sale when they join the program.
Bybit Pay has partnered with Ceylon Cash to launch this initiative in Sri Lanka through CeyPay, enabling local businesses to adopt crypto payment solutions and participate in the global movement toward digital asset-enabled commerce. Bybit Pay will establish 50 Android POS devices across traditional retail and service merchants, while simultaneously activating 50 digital merchants through a selection process. The application is currently open.
Benefits:
- Merchant and customers on the Bybit Pay network can confirm real-time payments through instant proof-of-payment via API and ultra-fast settlement, eliminating the multi-day delays common with legacy methods.
- A cost-effective way for Sri Lankan businesses to go global, with both local and international payments supported at competitive rates. The cost advantage improves profit margins for small businesses and benefits locals and travellers.
- Businesses can enable payments from digital-first and crypto-first consumers who may be otherwise deterred by traditional payment gateways.
- With fraud-protection and compliance built in, Bybit Pay’s network and security infrastructure enhance payment approval rates, lowering the risk and potential costs of payment disputes for merchants.
- Payers and merchants can settle in crypto or fiat depending on their 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 will publicly announce all 100 selected merchants in a directory for users and continue to grow the merchant network across Sri Lanka.