Bybit, the world's second-largest cryptocurrency exchange, has announced the debut of its payment solution, Bybit Pay, in Sri Lanka. This expansion adds a new destination to its global footprint, with an initial rollout covering 50 physical point-of-sale locations and 50 digital merchants. The move establishes a comprehensive presence across Sri Lanka's retail, service, and online commerce sectors, leveraging the country's high mobile penetration and growing digital adoption to offer a borderless, crypto-native payment solution.
Bybit Pay has launched its crypto payment service in Sri Lanka.
The initial rollout includes 50 physical POS terminals and 50 online merchants.
The solution offers real-time payment confirmation and fast settlement.
It provides a cost-effective way for Sri Lankan businesses to access global payments.
Merchants can choose to settle transactions in either cryptocurrency or fiat currency.
The launch is facilitated through a partnership with local provider Ceylon Cash.
Bybit Pay is designed to democratize access to digital assets for businesses of all sizes, regardless of their prior experience with crypto payments. Through a partnership with Ceylon Cash and its CeyPay solution, local businesses can seamlessly adopt crypto payments and participate in the global shift toward digital asset-enabled commerce. The initiative allows retail stores, service providers, and online merchants to easily set up a physical point of sale or integrate digital payment options, making it a plug-and-play solution for entering the new digital economy.
The introduction of Bybit Pay addresses several core challenges faced by local businesses. It offers lightning-fast transaction speeds with real-time proof-of-payment and ultra-fast settlement, eliminating the multi-day delays common with legacy banking methods. The service is a cost-effective way for businesses to go global, supporting both local and international payments at competitive rates. Furthermore, it helps merchants expand their customer base by appealing to digital-first and crypto-first consumers. Built-in fraud protection and a robust security infrastructure enhance payment approval rates and lower the risk of disputes, providing a trusted and flexible payment environment.
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 redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3.
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