Bybit, the world's second-largest cryptocurrency exchange by trading volume, has launched its crypto payment solution, Bybit Pay, in Sri Lanka on November 5, 2025. The initial rollout includes 50 physical point-of-sale (POS) installations and 50 digital merchant activations, establishing a comprehensive presence across retail, service, and online commerce in the country's emerging digital payment network.
This expansion is facilitated through a partnership with Ceylon Cash via CeyPay, a locally managed gateway that enables Sri Lankan businesses to adopt crypto payments with minimal friction. Bybit Pay's mission is to build borderless, crypto-native payment infrastructure through deep localization and global connectivity, leveraging Sri Lanka's high mobile penetration of over 130% and accelerating digital adoption.
Key benefits for merchants include lightning-speed settlements with real-time confirmations via API, eliminating multi-day delays common in legacy systems; affordable access with competitive rates for cross-border payments; expansion of customer base to crypto-first consumers; enhanced trust and security with built-in fraud protection and compliance; and flexibility to settle in crypto or fiat based on preference.
Nazar Tymoshchuk, Regional Manager at Bybit, emphasized, "Sri Lanka's combination of tech-forward consumers, substantial international tourism, and diverse merchant landscape creates ideal conditions for crypto payment adoption." He added that this rollout aligns with Bybit Pay's commitment to making payments painless, efficient, and borderless for travelers and businesses alike.
Bybit Pay will publish a directory of all 100 selected merchants to aid user accessibility and continue growing the network across key urban and tourism centers like Colombo, Kandy, and Galle. This initiative supports Sri Lanka's broader digital transformation goals, enhancing financial inclusion and e-commerce readiness while positioning local merchants for global competitiveness.
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