Bybit rolls out digital rupee payments for Indian customers

Crypto exchange Bybit has announced the expansion of its payment offerings for peer-to-peer transactions, adding the digital rupee as a new method for Indian users.

Bybit is broadening its payment options in the Indian market by introducing the digital rupee — also known as eRupee — as a new method for transferring funds, the company announced in a Tuesday press release.

According to the announcement, Bybit expanded its offerings in India to address feedback from local INR merchants who have expressed concerns over the security of traditional banking transactions. “By accepting payments through eRupee, merchants can mitigate the risk of their bank accounts being targeted by cybercriminals, ensuring a more robust financial ecosystem for all parties involved,” the exchange said.

Beyond eRupee, Bybit also supports bank transfers in Indian rupees for deposits and withdrawals as well as third-party payment providers like Paytm to facilitate transactions.

Bybit’s sales and marketing director Joan Han says the addition of the eRupee payment aims to elevate the payment experience for INR users in an effort to “attract a wider pool of merchants to the platform, driving business growth and expanding the reach of Bybit’s services within the market.”

This expansion comes despite challenges faced by Bybit in India earlier this year. In March, reports indicated that Apple had removed the Bybit app from its App Store in India, affecting access for Indian iPhone and MacBook users. In December 2023, India’s Financial Intelligence Unit identified nine crypto exchanges, including Kraken and Bitstamp, for non-compliance with local anti-money laundering laws, though Bybit wasn’t listed among them.