TL;DR
- Bybit Pay launched its crypto payment service in Sri Lanka with 50 Android POS terminals and 50 digital merchants, in partnership with CeylonCash.
- The program will allow local businesses to accept and settle payments in crypto or fiat with instant API confirmations and lower fees.
- The exchange will integrate anti-fraud protection and regulatory compliance measures.
Bybit Pay is expanding its crypto payment network with its launch in Sri Lanka, a move aligned with its strategy to integrate digital assets into both retail and online commerce. The company activated 50 Android POS terminals and connected another 50 digital merchants across the country, leveraging CeylonCash’s infrastructure to drive local adoption of cryptocurrency payments.
The goal is to reach a population with mobile penetration above 130% and a growing interest in alternative financial solutions. According to Bybit, the launch will enable local businesses to process crypto payments through a single platform, offering the flexibility to settle in fiat or crypto with instant confirmations via API. The company noted that this model eliminates the delays and high fees typical of traditional payment systems.
Bybit Pay aims to democratize access to digital asset payments, providing retail stores and online platforms with lower-cost and more reliable infrastructure. The program allows any business to set up a physical or digital point of sale, extending access to tourists, international consumers, and local crypto users.
Bybit to Introduce New Fraud Protection Tools
The agreement with CeylonCash includes the use of CeyPay, a payment gateway that connects local businesses to the on-chain payment ecosystem. According to the company, this integration will make it easier for small and medium-sized enterprises to participate in global crypto-enabled commerce, allowing them to accept crypto payments without relying on banking intermediaries or complex licensing processes.
Bybit will integrate fraud protection and compliance tools into its network to reduce disputes and improve payment approval rates. The company also plans to publish a directory of the first 100 participating merchants and expand the service gradually throughout the country.
Bybit’s regional manager, Nazar Tymoshchuck, said that Sri Lanka provides an ideal environment for the adoption of digital payments due to its tech-savvy population and steady influx of international visitors.
