Bybit has launched its cryptocurrency payment platform, Bybit Pay, in Sri Lanka, marking a new addition to its international presence.
The service is initially being deployed with 50 physical Android-based point-of-sale systems and 50 digital merchant activations, aiming for a broad presence in Sri Lanka’s service, retail, and online commerce sectors.
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The rollout represents a partnership between Bybit Pay and Ceylon Cash, implemented via the CeyPay platform, providing local businesses with access to crypto payment infrastructure.
This initiative aims to enable crypto-friendly payment options for both local businesses and international visitors.
The company noted that the merchants will be able to process payments in real-time with instant confirmation through application programming interface(API) integration and expedited settlement times.
The system addresses lags associated with conventional payment methods and offers competitive transaction fees for both domestic and international transactions.
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By GlobalDataIt emphasises its integration with security features such as fraud protection and compliance measures designed to enhance rates of approval and decrease disputes related to payments.
Additionally, the payment solution provides flexibility for merchants and customers to choose between settling in cryptocurrencies or fiat currency.
A public directory listing all 100 participating merchants is planned by Bybit Pay as part of efforts to expand the network across Sri Lanka.
Bybit regional manager Nazar Tymoshchuk said: “Sri Lanka’s combination of tech-forward consumers, substantial international tourism, and diverse merchant landscape creates ideal conditions for crypto payment adoption.
“This rollout is part of Bybit Pay’s commitment to helping make payments painless, efficient, and borderless for as many people as possible as they travel the world or build their own businesses.”
Bybit, established in 2018, focuses on Web3 technologies and collaborates with various blockchain protocols to support infrastructure development and on-chain initiatives.
The company offers services such as secure custody, a range of marketplaces, and blockchain tools.
