What happened?
Bybit Pay launched its crypto payment service in Sri Lanka, activating 100 merchants with 50 physical POS and 50 digital integrations through partner CeyPay. The rollout targets a market with over 130% mobile penetration, growing tourism, and rising demand for faster, cheaper payment options. Even though crypto isn’t regulated or legal tender in Sri Lanka, the service offers instant proof-of-payment, fast settlement, and settlements in either crypto or fiat.
Who does this affect?
Local merchants—from brick-and-mortar shops to online sellers—gain a new option to accept digital assets and potentially lower transaction costs. Tourists and tech-savvy consumers get simpler cross-border payment choices and faster checkout experiences. Payments companies, banks, and regulators will face increased competition and pressure to respond to growing crypto payment adoption.
Why does this matter?
This launch could help prove the viability of crypto payments in mobile-first South Asian markets and spur wider merchant adoption across the region. Increased competition from crypto payment platforms may push down fees, accelerate stablecoin and settlement innovations, and force traditional payment players to adapt. Investors and market participants should watch for rising cross-border volumes, faster settlement products, and potential regulatory moves that could reshape regional payment flows.