Sri Lanka's Merchants Gain Global Reach via Bybit's Instant Crypto Payment System

Bybit Pay, the crypto-native payment arm of the world's second-largest cryptocurrency exchange by trading volume, has launched its services in Sri Lanka, marking a strategic expansion into South Asia's growing digital economy. The initiative, announced on November 5, 2025, includes 50 physical point-of-sale (POS) devices and 50 digital merchant activations, enabling Sri Lankan businesses to accept cryptocurrency payments across retail, service, and e-commerce sectors . The move aligns with Bybit's broader goal to establish a "borderless" payment infrastructure, leveraging Sri Lanka's high mobile penetration-exceeding 130%-and surging digital adoption .

The service operates through a partnership with Ceylon Cash, a local fintech firm, via its platform CeyPay. This collaboration allows merchants to integrate crypto payments with minimal technical barriers, offering options to settle transactions in either digital assets or fiat currency. Bybit Pay emphasizes real-time settlements, instant proof-of-payment confirmations, and competitive transaction fees, addressing pain points such as delayed settlements and high costs in traditional payment systems . For instance, merchants can now process transactions without waiting days for funds to clear, a feature that could enhance cash flow for small businesses.

Sri Lanka's market presents a unique opportunity for Bybit. With a tech-savvy population, a tourism-driven economy, and government-backed digital transformation goals, the country is positioned to adopt crypto payments rapidly. Nazar Tymoshchuk, Bybit's Regional Manager, highlighted that the nation's "diverse merchant landscape and international tourism" creates an ideal environment for crypto adoption . The service also targets international visitors, who can use crypto-enabled wallets to pay at participating merchants, potentially boosting the island's appeal as a tech-forward destination.

Key benefits for Sri Lankan businesses include cost efficiency and cross-border accessibility. Bybit Pay's low transaction fees reduce the financial burden on small merchants, while its support for both local and international payments opens new revenue streams. For example, a Colombo-based retailer could now serve crypto-holding tourists from Europe or North America without relying on traditional banking intermediaries . Additionally, the platform's fraud protection and compliance protocols aim to mitigate risks, fostering trust among businesses hesitant to adopt digital assets.

Bybit's entry into Sri Lanka follows a pattern of strategic expansion into emerging markets. The company previously launched Bybit Pay in Armenia and other regions, tailoring its solutions to local regulatory and technological landscapes. In Sri Lanka, the partnership with Ceylon Cash underscores a commitment to localization, ensuring compliance with national frameworks while integrating global crypto infrastructure . The initial rollout of 100 merchants-50 physical and 50 digital-signals a phased approach, with plans to expand further as adoption grows.

The initiative also aligns with broader trends in South Asia's fintech sector. Sri Lanka's digital economy has gained momentum, supported by government policies promoting e-commerce and financial inclusion. Bybit Pay's launch complements these efforts, potentially accelerating the shift toward cashless transactions. However, challenges remain, including regulatory scrutiny of crypto adoption and consumer education. Bybit's emphasis on user-friendly interfaces and real-time support aims to lower barriers for both merchants and customers.

As Bybit solidifies its presence in Sri Lanka, the company's success could influence similar moves in neighboring markets. The exchange's ability to balance innovation with compliance-particularly under frameworks like the EU's MiCA regulation-positions it as a model for crypto payment integration in regions seeking to modernize their financial systems .