Bybit, the world’s second-largest cryptocurrency exchange, has launched Bybit Pay in Peru, integrating the service with the country’s leading digital wallets, Yape and Plin.
The integration enables more than 14 million Yape and Plin users to make crypto-backed payments using familiar methods, such as Yape QR codes or Plin phone-number transfers, at both online and physical merchants.
Merchants participating in the Bybit Pay program can now accept crypto payments, providing consumers with additional payment options and potentially accelerating the adoption of digital transactions in everyday commerce.
How Crypto Payments Work for Users
The integration of Bybit Pay with Yape and Plin comes as Peru’s digital payment landscape continues to grow. In 2024, Yape accounted for 54% and Plin 34% of in-person digital wallet transactions, with more than half of adults in the country using phone-based wallets
Through the partnership, Bybit Pay users can now make payments using Yape QR codes or Plin phone-number transfers at participating merchants, as well as online platforms.
The system supports several major cryptocurrencies, including USDT, USDC, BTC, and ETH, which are automatically converted into Peruvian Sol (PEN). Payments are processed with near-instant settlement and security features designed to protect users.
As part of the launch, Bybit Pay is offering promotional incentives. New users receive a 50% discount on their first QR code or phone-number transfer payment, while existing users can earn 2–10% cashback on subsequent transactions
Peru’s Growing Digital and Crypto Market
The move is part of Bybit’s broader push to integrate crypto into everyday financial transactions across Latin America.
Peru has seen rapid adoption of mobile payments, with over half of adults using phone-based wallets
The country ranks among the fastest-growing crypto markets in Latin America, with over 1.28 million people (3.7% of the population) owning or using digital assets
Peru is also the seventh-largest crypto market in the region by transaction volume, highlighting the growing role of digital payments and cryptocurrency adoption in everyday commerce.
Latin America is emerging as a leading region for crypto payments, driven by inflation concerns and limited access to traditional banking in some areas.
Why This Matters
The integration of Bybit Pay with Peru’s leading wallets brings cryptocurrency into routine transactions, supporting the country’s cashless economy and broader financial inclusion.
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People Also Ask:
What is Bybit Pay? Bybit Pay is a cryptocurrency payment service from Bybit that allows users to pay merchants using digital assets such as Bitcoin, Ethereum, USDT, and USDC.
How does Bybit Pay work in Peru? Bybit Pay integrates with local digital wallets, Yape and Plin, allowing users to make crypto-backed payments using QR codes or phone-number transfers. Payments are automatically converted into Peruvian Sol (PEN).
Who can use Bybit Pay? Bybit Pay is available to users who have completed identity verification on Bybit and are not in restricted countries.
Can I use Bybit Pay for both online and in-store purchases? Yes. Bybit Pay can be used at participating physical merchants as well as e-commerce platforms that accept the service.
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