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Bybit Pay, the payments arm of the world’s second largest crypto exchange, has launched in Sri Lanka amid growing interest in digital payments.
Key tips:
- Bybit Pay launched in Sri Lanka with 100 merchant activations, marking a major step in the expansion of crypto payments in South Asia.
- Sri Lanka’s 130% mobile penetration and growing tourism make it an ideal testing ground for crypto trading.
- The launch comes despite the unregulated status of crypto in Sri Lanka, highlighting the growing interest in digital payment alternatives.
The rollout includes 100 business activations across the country, including 50 physical point-of-sale systems and 50 digital integrations, according to a recent announcement.
Partnered with Ceylon Cash through its CeyPay platform, Bybit Pay aims to connect Sri Lankan businesses to the growing global digital asset payments network.
Sri Lanka’s Digital Boom Sets the Stage for Crypto Payments
Sri Lanka’s high mobile penetration rate of over 130% and rapid digital adoption make it a promising testing ground for crypto commerce.
With tourism rebounding and local demand growing for faster and cheaper payment methods, Bybit sees an opportunity to offer businesses a practical alternative to traditional financial rails.
“Sri Lanka’s combination of tech-forward consumers, substantial international tourism, and a diverse business landscape creates ideal conditions for the adoption of cryptographic payments,” said Nazar Tymoshchuk, Regional Manager of Bybit.
“This rollout is part of Bybit Pay’s commitment to help make payments painless, efficient and borderless for as many people as possible.”
Bybit Pay’s platform allows merchants of all sizes to accept digital assets easily, with settlement options in crypto or fiat.
Its main selling points include instant proof of payment, ultra-fast settlement, and lower transaction costs compared to legacy systems.
The company also promises strong fraud protection and compliance standards to boost merchant confidence.
The launch comes as cryptocurrency is not legal or regulated in Sri Lanka.
According to direction No. 03 of 2021 under Foreign Exchange Act, No. 12 of 2017, Electronic Funds Transfer Cards (EFTCs) such as debit cards and credit cards are not to be used for payments related to cryptocurrency transactions.
Crypto Push Payment Company
In May, the crypto payment platform Mesh introduced its Apple Pay integrationwhich allows merchants associated with Mesh to accept crypto payments via Apple Pay.
Mesh’s partnership with Apple Pay comes as payments companies continue to expand into digital assets.
In April, the global payment giant Stripe said it has developed a stablecoin backed by the US dollar intended for companies operating outside of the United States, the United Kingdom and – Europe.
The announcement came after Stripe’s regulatory approval to acquire Bridge, a stablecoin payments network designed to rival traditional banking systems and SWIFT-based transfers.
Earlier this year, Jack Dorsey, former CEO of Twitter and outspoken advocate of Bitcoin, publicly urged Signal Messenger to integrate Bitcoin for peer-to-peer (P2P) payments.
Dorsey’s call was echoed by David Marcus, former president of PayPal and current CEO of Lightspark, who stated that “all non-transactional applications must connect to Bitcoin.”
The comments reflect a growing sentiment among Bitcoin advocates to reposition BTC not just as a store of value, but as a practical payment tool.
More recently, the Singapore-based payments company Triple-A announced the plans to integrate PayPal’s stablecoin into its list of supported tokens for customer payments.
Even companies like PayPal entered the spacelaunching its stablecoins and offering performance incentives to holders.
