Bybit Pay Launches in Sri Lanka: A Catalyst for South Asian Crypto Payments

Bybit Pay, an arm of the world’s second-largest cryptocurrency exchange, has entered the Sri Lankan market, reflecting significant interest in digital payment solutions.

Key Takeaways:

Bybit Pay has officially launched in Sri Lanka, activating 100 merchants, which is a significant move towards expanding cryptocurrency payments throughout South Asia.
With mobile penetration at 130% and an increase in tourism, Sri Lanka is well-positioned as a trial ground for crypto-based commerce.
The launch occurs amid the absence of regulation for cryptocurrencies in Sri Lanka, indicating a growing appetite for alternative payment solutions.

The rollout encompasses 100 merchant activations nationwide—split evenly between 50 physical point-of-sale systems and 50 digital integrations, as announced recently.

Bybit Pay is collaborating with Ceylon Cash via its CeyPay platform, aiming to connect Sri Lankan enterprises to the expanding global network of digital asset payments.

Bybit Pay’s Sri Lanka Launch Could Trigger South Asian Crypto Payment Revolution - Here’s Why

Sri Lanka’s Digital Expansion: An Opportunity for Crypto Payments

Sri Lanka boasts an impressive mobile penetration rate exceeding 130%, along with rapid digital adoption—making it a promising location for testing crypto-enabled transactions.

As tourism begins to recover and the demand for quicker, lower-cost payment solutions rises, Bybit is poised to offer businesses an appealing alternative to conventional financial pathways.

According to Nazar Tymoshchuk, Regional Manager at Bybit, “The blend of tech-savvy consumers, significant international tourism, and a diverse merchant landscape makes Sri Lanka ideal for adopting crypto payments.”

He added, “This rollout is part of Bybit Pay’s dedication to providing effortless, efficient, and borderless payment solutions for as many users as possible.”

Bybit Pay's platform simplifies the process for merchants of all sizes to accept digital currencies, offering settlement options in either crypto or traditional fiat currency.

Key features include instant proof-of-payment, lightning-fast settlement times, and reduced transaction fees compared to traditional financial systems. The company further assures robust fraud protection and compliance standards to enhance merchant confidence.

Although cryptocurrency lacks legal tender status in Sri Lanka, Bybit Pay is pushing forward. According to the Foreign Exchange Act, Electronic Fund Transfer Cards (EFTCs) such as debit and credit cards should not be employed for cryptocurrency-related payments.

Payment Companies Venture into Cryptocurrency

In May, the crypto payments provider Mesh announced its integration with Apple Pay, allowing merchants associated with Mesh to accept crypto payments via Apple’s platform.

Mesh’s partnership with Apple is part of a broader trend where payment companies are making strides into the cryptocurrency space.

In April, Stripe, a global payments giant, revealed plans to develop a U.S. dollar-backed stablecoin aimed at businesses operating outside traditional markets like the U.S., U.K., and Europe. This news followed Stripe’s regulatory approval to acquire Bridge, a network for stablecoin payments aiming to compete with traditional banking and SWIFT transfers.

Earlier this year, Jack Dorsey, the former CEO of Twitter and a passionate Bitcoin supporter, encouraged the integration of Bitcoin into Signal Messenger for peer-to-peer (P2P) transactions.

David Marcus, former PayPal president and current CEO of Lightspark, reinforced this view, suggesting that “all non-transactional apps should connect to Bitcoin.” This sentiment underlines a growing perspective among Bitcoin advocates to redefine BTC as not just a store of value but as a feasible payment method.

Most recently, Singapore-based Triple-A announced intentions to integrate PayPal’s stablecoin into its supported token offerings for customer transactions. Even established players like PayPal are venturing into the cryptocurrency arena by introducing their own stablecoins and offering yield incentives for token holders.