Bybit has rolled out its crypto payments service, Bybit Pay, in Peru by integrating with Yape and Plin, the country’s two most widely used digital wallets, according to an announcement shared with Finbold on January 14.
The rollout allows Peruvian users to make cryptocurrency-backed payments using existing Yape QR codes and Plin phone-number transfers, extending crypto payment functionality to both online and in-store transactions.
The integration is aimed at enabling the use of digital assets within familiar payment flows across Peru’s growing cashless economy.
Crypto payments integrated into Peru’s digital wallet ecosystem
Digital wallet usage in Peru has expanded rapidly, with Yape and Plin each serving around 14 million users in 2024. Bybit said the new integration allows consumers to continue using their preferred payment methods while settling transactions with supported cryptocurrencies, which are automatically converted into Peruvian sol (PEN) at the point of payment.
According to the company, the service supports several major digital assets, including Tether (USDT), USDC (USDC), Bitcoin (BTC), and Ethereum (ETH). The launch follows data showing that Yape accounted for 54% of in-person digital wallet transactions in Peru last year, while Plin handled 34%, with more than half of the country’s adult population using mobile-based payment applications.
Patricio Mesri, CEO of Bybit LATAM, said of the integration:
Regional expansion and user incentives
Bybit said the Peru launch builds on its broader expansion across Central and Latin America, where it has been working with local institutions and payment providers to extend crypto payment services.
The company also confirmed that users in Peru who have completed identity verification on Bybit are eligible to use Bybit Pay, subject to service availability.
To mark the rollout, Bybit Pay is offering incentives for users in Peru, including discounts for new users and cashback rewards for existing users on eligible QR code and phone-number transfer payments.
Featured image via Shutterstock.
Source: https://finbold.com/bybit-pay-expands-crypto-payments-to-peru-through-yape-and-plin/
