According to an announcement shared with Finbold on January 14, Bybit has rolled out its crypto payment service Bybit Pay in Peru by integrating Yape and Plin, two of the country’s most widely used digital wallets.
This rollout allows users in Peru to make cryptocurrency-backed payments using existing Yape QR codes and Plin phone number transfers, extending cryptocurrency payment functionality to both online and in-store transactions.
This integration aims to enable the use of digital assets within familiar payment flows across Peru’s growing cashless economy.
Cryptocurrency payments integrated into Peru’s digital wallet ecosystem
The use of digital wallets in Peru is rapidly expanding, with Yape and Plin each serving approximately 14 million users in 2024. According to Bybit, the new integration will allow consumers to continue using their preferred payment method while settling transactions in supported cryptocurrencies, which will be automatically converted to Peruvian Sols (PEN) at the time of payment.
According to the company, the service supports several major digital assets, including Tether (USDT). USDC (USDC), Bitcoin (BTC), Ethereum (ETH). The launch follows data showing that Yape accounted for 54% of in-person digital wallet transactions in Peru last year, while Plin processed 34%, with more than half of the country’s adult population using mobile-based payment applications.
Patricio Mesri, CEO of Bybit LATAM, said of the integration:
“By integrating with mainstream payment methods that Peruvians already know and trust, Bybit Pay removes barriers to the adoption of digital assets and makes cryptocurrencies truly useful for everyday transactions. Peru represents one of the most dynamic digital payments markets in Latin America, and we are proud to work with our partners to build the infrastructure for financial innovation and inclusion.”
Regional expansion and user incentives
Bybit said the launch in Peru builds on its extensive expansion across Latin America, where it is collaborating with local institutions and payment providers to expand its crypto payment services.
The company also confirmed that users in Peru who have completed identity verification with Bybit are eligible to use Bybit Pay based on their usage of the service.
To celebrate this rollout, Bybit Pay will offer incentives to users in Peru, including discounts for new users and cashback benefits for existing users with eligible QR codes and phone number forwarding.
Featured image via Shutterstock.
