Bybit Pay Launches in Sri Lanka, Paving the Way for a South Asian Crypto Payments Revolution
Bybit Pay, the payments arm of the world’s second-largest crypto exchange, has launched in Sri Lanka, marking a significant milestone in the expansion of crypto payments across South Asia. The rollout includes 100 merchant activations nationwide, comprising 50 physical point-of-sale systems and 50 digital integrations. This development is expected to spark a crypto payments revolution in the region, given Sri Lanka’s high mobile penetration rate of over 130% and growing demand for faster and cheaper payment methods.
Sri Lanka’s Digital Boom Sets the Stage for Crypto Payments
Sri Lanka’s rapid digital adoption and high mobile penetration rate make it an ideal testing ground for crypto-based trading. The country’s tourism industry is also recovering, leading to an increase in local demand for faster and cheaper payment methods. Bybit Pay’s launch in Sri Lanka is part of the company’s commitment to making payments painless, efficient, and borderless for as many people as possible. According to Nazar Tymoshchuk, Regional Manager at Bybit, “Sri Lanka’s combination of tech-savvy consumers, extensive international tourism, and a diverse merchant landscape creates ideal conditions for the adoption of crypto payments.”
Key Benefits of Bybit Pay
Bybit Pay’s platform allows merchants of all sizes to easily accept digital assets, with settlement options in crypto or fiat. The key selling points include instant proof of payment, ultra-fast processing, and lower transaction costs compared to traditional systems. The company also promises strict fraud protection and compliance standards to increase merchant trust. With Bybit Pay, merchants can enjoy a seamless and secure payment experience, which is expected to drive the adoption of crypto payments in Sri Lanka and beyond.
Payments Companies Push into Crypto
The launch of Bybit Pay in Sri Lanka comes as payment companies continue to expand into digital assets. In May, crypto payment platform Mesh unveiled its Apple Pay integration, allowing merchants working with Mesh to accept crypto payments via Apple Pay. Similarly, global payments giant Stripe announced it was developing a US dollar-backed stablecoin aimed at companies operating outside the US, UK, and Europe. These developments reflect the growing interest in digital payment alternatives and the increasing sentiment among Bitcoin advocates to reposition BTC as a convenient payment instrument.
Even companies like PayPal have entered the space, launching their own stablecoins and offering return incentives to holders. Recently, Singapore-based payments company Triple-A announced plans to integrate PayPal’s stablecoin into its list of supported tokens for customer payments. As the crypto payments landscape continues to evolve, it will be interesting to see how Bybit Pay’s launch in Sri Lanka contributes to the growth of crypto payments in South Asia.
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