Bybit Pay Launch in Sri Lanka Could Spark a Crypto Payments Revolution in South Asia – Here’s Why

Bybit Pay, the payments arm of the world’s second-largest crypto exchange, has launched in Sri Lanka amid growing interest in digital payments.

The rollout includes 100 merchant activations across the country, including 50 physical point-of-sale systems and 50 digital integrations, according to a recent announcement.

In partnership with Ceylon Cash through its CeyPay platform, Bybit Pay aims to connect Sri Lankan businesses to the growing global network of digital asset payments.

Sri Lanka’s digital boom paves way 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 trading.

With tourism rebounding and local demand increasing for faster and cheaper payment methods, Bybit sees an opportunity to offer businesses a convenient alternative to traditional financial channels.

“Sri Lanka’s combination of tech-savvy consumers, significant international tourism and a diverse merchant landscape creates ideal conditions for the adoption of crypto payments,” said Nazar Tymoshchuk, Regional Director 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.”

The Bybit Pay platform allows merchants of any size to easily accept digital assets, with settlement options in crypto or fiat.

Its key selling points include instant proof of payment, lightning-fast settlement and lower transaction costs compared to existing systems.

The company also promises strong fraud protection and compliance standards to build merchant confidence.

The launch comes as the cryptocurrency is not legal tender or regulated in Sri Lanka.

Pursuant to Instructions No. 03 of 2021 under the Foreign Exchange Law No. 12 of 2017, Electronic Funds Transfer (EFTC) cards such as debit cards and credit cards shall not be used for payments related to cryptocurrency transactions.

Payment companies are getting into crypto

In May, crypto payments platform Mesh unveiled its Apple Pay integration, which allows Mesh merchant partners to accept crypto payments via Apple Pay.

Mesh’s partnership with Apple Pay comes as payment companies continue to expand into digital assets.

In April, global payments giant Stripe announced it was developing a US dollar-backed stablecoin aimed at businesses operating outside the US, UK and Europe.

The announcement came after Stripe received regulatory approval to acquire Bridge, a stablecoin payments network designed to compete with traditional banking systems and SWIFT-based transfers.

Earlier this year, Jack Dorsey, former Twitter CEO and staunch Bitcoin advocate, 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 said that “all non-transactional applications should connect to Bitcoin.”

The comments reflect a growing sentiment among Bitcoin supporters to reposition BTC not only as a store of value, but also as a convenient payment tool.

Most recently, Singapore-based payments company Triple-A announced plans to integrate PayPal’s stablecoin into its list of supported tokens for customer payments.

Even companies like PayPal have entered the space, launching their own stablecoins and offering yield incentives to holders.

The article Bybit Pay Launch in Sri Lanka Could Spark South Asia’s Crypto Payments Revolution – Here’s Why appeared first on Cryptonews.

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