Bybit Pay has been rolled out in Sri Lanka, bringing new crypto payment options to stores, services and online stores across the island. The launch will integrate 50 Android POS terminals installed at physical locations with 50 selected digital merchants. This is a modest but prudent first step towards integrating digital asset payments into everyday commerce.
The program is run locally through Ceylon Cash’s payments arm, CeyPay, so merchants don’t need deep crypto know-how to get started. According to Bybit, whether you run a corner cafe, a salon, a boutique, or an e-commerce site, setup is “plug-and-play” – just sign up, accept payments, and choose whether to pay in crypto or fiat.
There are practical reasons for choosing Sri Lanka now. Mobile penetration is high, reportedly over 130%, and people are becoming increasingly familiar with digital services. This combination, along with a steady flow of tourists, makes this market attractive for payments experiments. Bybit frames this initiative as a way to help local businesses cater to both local customers and international visitors who prefer cryptocurrency payments.
The company touts several tangible benefits. Transactions on the Bybit Pay network generate proof of payment instantly through an API, promising much faster settlement than traditional systems that take several days. Bybit also highlights built-in fraud prevention and compliance tools that help reduce cross-border receipt costs, improve approval rates and reduce the headaches of payment disputes. In short, faster confirmations, cheaper cross-border options, and fewer disputes are what small sellers often need.
“Sri Lanka’s combination of technologically advanced consumers, strong international tourist base, and diverse shopping streets create ideal conditions for the adoption of crypto payments,” said Nazar Timoshchuk, regional manager at Bybit. “This rollout is part of Bybit Pay’s commitment to helping as many people as possible to travel the world or build their businesses make payments painlessly, efficiently and across borders.”
Target retailers and online sellers
Bybit Pay has published a directory listing the 100 merchants selected during this initial rollout and says the company plans to expand its network beyond the initial batch. Applications for Digital Merchant Activation are currently being accepted. For merchants, sales pitches are practical rather than ideological.
Accepting Bybit Pay can expand a merchant’s customer base to include younger, digital-first shoppers and international visitors who might otherwise struggle with local payment methods. Travelers will see one more option at checkout. It also promises competitive rates for businesses that handle cross-border receipts, which could boost profits, especially for small and medium-sized enterprises.
Bybit itself has been active in moving beyond exchange services into payments and Web3 infrastructure. Founded in 2018, the company bills itself as the world’s second-largest cryptocurrency exchange by trading volume and claims to serve more than 70 million users. The expansion in Sri Lanka fits into a broader strategy to connect traditional merchants with crypto-native customers, reducing challenges on and off the ramp.
How successful an implementation fee will be depends on several factors, including how quickly merchants and consumers try the system, whether the local regulatory environment remains accommodating, and how smoothly POS and digital integration runs in everyday transactions. For now, the move signals a growing interest from crypto companies in everyday payment mechanisms, not just transactions, giving Sri Lankan merchants one more tool to consider as they pursue both domestic and international business.
For merchants who want to try it out, Bybit Pay and its CeyPay partners are accepting applications for digital merchant slots, and the company says it will publish the names of participating companies once selections are complete.
