Bybit Pay has increased its presence in Peru with a new partnership with the most common digital wallets in the country, Yape and Plin. The collaboration will empower millions of users to complete their daily payments in crypto using established local payment systems.
According to the announcement, the integration will enable its users to pay using Bitcoin, Ethereum, USDT, and USDC. The payments will be made either via Yape QR codes or Plin phone-number transfer. The system exchanges the chosen cryptocurrency for the Peruvian Sol at the time of the transaction.
Bybit Pay claimed that it aims to make digital assets feasible in everyday life. The conversion facility eliminates the manual processes for the user. It also enables merchants to accept local currency and not use separate crypto tools.
Yape and Plin Dominate Peru’s Mobile Payments
Yape and Plin dominate the mobile payments sphere in Peru. In 2024 the two platforms had a user base of around 28 million. They also made close to 90% of all in-person digital wallet transactions that year.
Yape handled 54% of those transactions. Plin processed 34%. Around 14 million users were recorded on both services, demonstrating the magnitude of the market that Bybit Pay is entering.
The alliance comes when the cashless economy in Peru is expanding at an impressive rate. Over 50% of adults in the nation are now utilizing mobile-based wallets. The trend has reinforced the need for smooth digital payment options within consumer sectors.
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Bybit is providing incentives to apply. On the initial payment that new users make via Yape or Plin, they get a 50% discount. Existing users will receive a 2% to 10% cashback on transactions done via the integration.
Bybit Advances LATAM Expansion Strategy
According to Patricio Mesri, the CEO of Bybit LATAM, the partnership matches digital assets with payment systems that Peruvians already trust. According to him, this milestone eliminates the hurdles to using crypto to make daily purchases. He also mentioned that Peru is one of the most vibrant markets in Latin America in terms of digital payments.
The expansion is part of Bybit’s larger regional drive. It has rolled out such integrations in Brazil and Argentina. In Brazil, users can already make payments using the country’s PIX instant payment network.
Crypto users in Peru continue to increase. Roughly 1.28 million people in the country currently own or use digital assets. Its adoption has grown quickly, making Peru one of the fastest-growing crypto markets in South America.
There are other companies also targeting this sector. Digital payment products linked to cryptocurrencies are available on platforms like KuCoin Pay, Bitget Wallet, and Ramp. According to Dune data, crypto neobanks processed more than $120 million in card payments last month.
Bybit LATAM said the Bybit Card will arrive in Peru in the first half of the year. The company plans to expand the card service to other Latin American markets after the initial rollout.
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