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Cryptocurrency exchange Bybit launched its crypto payment service, Bybit Pay, in Peru on Wednesday. The rollout begins today, with the exchange working with the country’s two most widely used digital wallets, Yape and Plin. The integration allows users to spend cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), USDT, and USDC to pay for goods and services.
According to the announcement, users can pay using Yape QR codes or Plin phone-number transfers, and the system will automatically convert the crypto into Peruvian Sol (PEN), so payments are simple. In short, Bybit Pay is designed to make cryptocurrency easy to use for everyday transactions in Peru.
This launch is expected to make an impact in Peru’s cashless economy, which is already growing at a rapid rate as mobile payments have become very popular. In 2024, Yape handled 54% of in-person digital wallet transactions, and Plin handled 34%. Both platforms had about 14 million users. In addition, over half of adults in the country now use mobile-based wallets. Through Bybit Pay, consumers can make payments at participating merchants securely, giving them a convenient way to use digital assets without changing their habits.
In addition to the launch, Bybit is giving rewards to encourage users. New users who sign up for Bybit Pay can get a 50% discount on their first payment using Yape QR codes or Plin phone-number transfers, while existing users can earn 2% and 10% cashback on each transaction. “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,” said Patricio Mesri, CEO of Bybit LATAM, in a statement.
He added, “Peru represents one of Latin America’s most dynamic digital payment markets, and we are proud to be building the infrastructure for financial innovation and inclusion together with our partners.” Bybit Pay has already been expanding across Latin America. The exchange is already working with local banks and payment providers in countries like Brazil and Argentina to expand its reach. The service supports multiple cryptocurrencies and ensures instant payments with strong security.
Moreover, this approach comes as Peru’s crypto market is growing fast. Currently, there are about 1.28 million people owning or using digital assets in the area, which makes it one of the region’s fastest-growing markets. With this launch, merchants in Peru will now have the option to accept crypto payments, giving consumers more flexibility in how they make payments.
