Crypto exchange Bybit has officially launched its payment service, Bybit Pay, in Peru, integrating with the country’s two dominant digital wallets, Yape and Plin.
The move allows users to spend cryptocurrencies including USDT, USDC, Bitcoin (BTC), and Ether (ETH) directly at merchants that accept Yape and Plin. Bybit Pay automatically converts the digital assets into Peruvian Soles (PEN) for the recipient, enabling seamless transactions without the merchant needing to handle crypto directly.
Quick Takes:
- Massive Reach: Yape and Plin combined serve approximately 28 million users and process nearly 90% of Peru’s in-person digital wallet transactions.
- Mechanism: Users scan a Yape QR code or send funds via a Plin-linked phone number through the Bybit app.
- Incentives: To drive adoption, Bybit is offering a 50% discount on the first transaction for new users and up to 10% cashback for existing users.
“By integrating with mainstream payment methods Peruvians already know and trust, Bybit Pay is removing barriers to digital asset adoption,” said Patricio Mesri, CEO of Bybit LATAM.
This launch follows a broader trend of crypto exchanges embedding themselves into Latin America’s local payment rails. Competitor Binance has previously integrated with Brazil’s PIX system, while Opera’s MiniPay has expanded stablecoin payments in Argentina.