Bybit, the world's second-largest cryptocurrency exchange, has launched its payment service, Bybit Pay, in Peru through integrations with the country's dominant digital wallets, Yape and Plin. This move enables millions of Peruvian users to make everyday purchases using cryptocurrencies at both online and physical merchants.
The integration allows consumers to utilize their existing Yape QR codes and Plin phone-number transfer systems to execute payments backed by their cryptocurrency holdings. The platform supports major digital assets including USDT, USDC, BTC, and ETH, automatically converting them to Peruvian Sol (PEN) at the point of sale. This brings real-world utility to crypto for a massive user base, as Yape and Plin each served approximately 14 million users in 2024, collectively handling 88% of in-person transactions in the country.
To celebrate the launch, Bybit Pay is offering promotional incentives. New users can receive a 50% discount coupon on their first payment, while existing users can earn 2–10% cashback on every QR code or phone-number transfer payment made through the service.
Patricio Mesri, CEO of Bybit LATAM, stated, "By integrating with mainstream payment methods Peruvians already know and trust, Bybit Pay is removing barriers to digital asset adoption and making crypto genuinely useful for everyday transactions." He highlighted Peru as one of Latin America's most dynamic digital payment markets.
This expansion marks a continued push by Bybit Pay into Central and Latin America, following partnerships with institutions across the region from Brazil to Argentina. The service is available to global users who have completed identity verification on Bybit, excluding those in service-restricted countries.
