Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced the official launch of Bybit Pay in Sri Lanka, marking the company’s latest expansion into South Asia’s growing digital payments landscape. The rollout begins with 50 physical point-of-sale (POS) installations and 50 digital merchant activations, giving Sri Lankan businesses and consumers access to seamless crypto-enabled payments for retail, services, and online commerce. Bybit Pay’s launch underscores its mission to build borderless, crypto-native payment infrastructure through a mix of local integration and global connectivity. With Sri Lanka’s mobile penetration now exceeding 130% and digital adoption accelerating, the country represents fertile ground for next-generation payment innovation. “Sri Lanka’s combination of tech-forward consumers, substantial international tourism, and diverse merchant landscape creates ideal conditions for crypto payment adoption,” said Nazar Tymoshchuk, Regional Manager at Bybit. “This rollout is part of Bybit Pay’s commitment to make payments painless, efficient, and borderless for as many people as possible—whether they’re travelling or building businesses.”
How Bybit Pay Works in Sri Lanka
Bybit Pay’s integration with local partner Ceylon Cash brings crypto payments to life through CeyPay, a locally managed gateway that helps Sri Lankan merchants adopt digital asset transactions with minimal friction. Participating merchants can install Android POS devices for in-store transactions or connect via API for digital commerce—both offering instant proof-of-payment and near-instant settlement. Unlike traditional payment systems that involve multi-day settlement delays, Bybit Pay provides real-time confirmation for both merchants and customers. Businesses can opt to receive payments in crypto or instantly convert to fiat, ensuring operational flexibility and minimal exposure to volatility.
Investor Takeaway
Bybit’s entry into Sri Lanka positions the company as a key bridge between South Asia’s emerging retail economy and the global crypto payments network — a move that could accelerate real-world digital asset adoption.
Addressing Core Challenges for Local Businesses
Bybit Pay aims to tackle several structural inefficiencies that limit small business growth in Sri Lanka’s payments ecosystem:
- •Lightning-Speed Settlement: Real-time crypto transactions eliminate multi-day settlement lags common in legacy banking systems.
- •Affordable Access: Low transaction costs make international commerce feasible for small merchants while improving profit margins.
- •Cross-Border Reach: Enables merchants to serve both domestic and international customers, expanding beyond currency and geographical barriers.
- •Trust and Security: Built-in fraud prevention, regulatory compliance, and encryption protocols ensure transaction reliability and reduce dispute risks.
- •Flexible Settlement Options: Merchants can choose to receive funds in stablecoins, crypto, or local fiat currency depending on preference.
For consumers, Bybit Pay brings an intuitive, mobile-first experience that supports payments via wallet scans, API integrations, or merchant dashboards. The platform connects seamlessly with the Bybit app ecosystem, ensuring accessibility for both international travellers and local users.
Investor Takeaway
Bybit Pay’s hybrid fiat–crypto settlement model reduces friction for merchants and builds user confidence, a critical step toward integrating Web3 payments into mainstream economies.
Supporting Sri Lanka’s Digital Transformation Goals
Bybit Pay’s launch aligns with Sri Lanka’s broader digital economy initiatives aimed at enhancing financial inclusion and advancing e-commerce readiness. The collaboration with Ceylon Cash reflects a strategy of localization—ensuring compliance with national frameworks while expanding access to the global crypto economy. In the coming weeks, Bybit Pay will publish an official directory listing all 100 onboarded merchants, including retailers, service providers, and online businesses. This list will help users easily identify crypto-ready merchants and accelerate network growth across key urban and tourism centers such as Colombo, Kandy, and Galle. The Sri Lanka rollout adds to Bybit Pay’s expanding international footprint following recent deployments in Armenia and other emerging markets. The company’s continued focus on localization, interoperability, and compliance underscores its long-term ambition to create a borderless digital payments network connecting both developed and emerging economies.