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Bybit Pay’s Sri Lanka Launch Could Trigger South Asian Crypto Payment Revolution – Here’s Why
Yahoo Finance· 2025-11-05 11:17
Core Insights - Bybit Pay has launched in Sri Lanka, activating 100 merchants, including 50 physical point-of-sale systems and 50 digital integrations, to tap into the growing interest in digital payments [1][7] - Sri Lanka's high mobile penetration rate of over 130% and rapid digital adoption present a promising environment for crypto-enabled commerce [2][7] - The launch occurs despite the unregulated status of cryptocurrency in Sri Lanka, indicating a rising interest in alternative digital payment methods [4][7] Company Initiatives - Bybit Pay partners with Ceylon Cash through its CeyPay platform to connect Sri Lankan businesses to a global network of digital asset payments [1] - The platform allows merchants to accept digital assets easily, with settlement options available in both crypto and fiat [3] - Key features of Bybit Pay include instant proof-of-payment, ultra-fast settlement, and lower transaction costs compared to traditional systems [4] Market Context - The resurgence of tourism and local demand for faster, cheaper payment methods create an opportunity for Bybit to offer practical alternatives to traditional financial systems [2][7] - The combination of tech-savvy consumers and a diverse merchant landscape in Sri Lanka is conducive to the adoption of crypto payments [3]