Bybit, the world's second-largest cryptocurrency exchange, has announced the launch of Bybit Pay in Vietnam and the Philippines to simplify payments.
Connecting to Web3 Payments
Bybit Pay provides users with the ability to conduct settlements, send, and receive funds using 16 major cryptocurrencies. The payment system integrates with AEON, enabling QR code payments accepted by over 90% of retail merchants in urban areas of Vietnam and the Philippines.
Functionality of Bybit Pay
The payment system allows users to scan merchant QR codes using the Bybit Pay app. After this, a unique QR code is generated for transaction approval. Upon completion, the merchant scans the approved code, finishing the payment.
Digital Payment Market in Southeast Asia
Southeast Asia has over 600 million residents, a significant portion of whom are digital users, including Gen Z. In 2024, 40% of merchants in the Philippines preferred contactless payments, while 36% of merchants in Vietnam noted an increase in mobile wallet usage.
The launch of Bybit Pay in Southeast Asia highlights the company's commitment to expanding digital payment capabilities and integrating cryptocurrencies into everyday financial transactions.
