Bybit Launches Bybit Pay in Brazil to Enable Crypto and Fiat Payments

Bybit is making inroads into taking crypto payments mainstream in Brazil with its new payment solution.

According to a Monday (Jan. 27) press release, the Bybit Pay solution is live in Brazil and integrates with the Brazilian Pix instant payment system developed by the Central Bank of Brazil. This move enables users to make payments in both fiat currency and cryptocurrency.

Bybit Pay allows users to connect their crypto wallets for transactions across websites, mobile applications and point-of-sale systems, offering an interface for deposits, withdrawals and payments, the release said. The platform supports payments in Brazilian reais (BRL) and cryptocurrencies such as bitcoin, ethereum, tether (USDT) and USD Coin. It’s available to verified users in Brazil through the Bybit app and website.

According to the release, the integration with Pix enables users to scan QR codes for payments. Bybit Pay offers instant payments while maintaining blockchain-backed security encryption, the release added.

The platform also benefits merchants, the company said, by enabling them to accept payments from Bybit’s global user base of over 60 million individuals. This expands their customer reach while offering an integrated fiat-crypto payment experience.

The launch of Bybit Pay would also seem to align with Latin America’s growing adoption of digital finance technologies and, in particular, Brazil’s emergence as a digital banking and payments superpower. As PYMNTS Intelligence has found in “How The World Does Digital: A Global Benchmark Of Consumer Digital Transformation,” Brazil leads the world in its digital engagement metrics.

“Brazil’s forward-thinking adoption of digital finance makes it the ideal market for this launch,” Bybit Sales and Marketing Director Joan Han commented in a statement.

In 2023, PYMNTS ranked Bybit as the No. 2 crypto app overall (behind only Binance), based on downloads, number of users, average time spent on the app, number of sessions per user and platform coverage.