Bybit rolls out digital rupee payments for Indian customers

Cryptocurrency exchange Bybit has announced that it has expanded its payment offerings for peer-to-peer transactions and added the digital rupee as a new method for Indian users.

Bybit announced in a press release on Tuesday that it is expanding its payment options in the Indian market by introducing the digital rupee (also known as eRupee) as a new method of transferring money.

According to the announcement, Bybit has expanded its offerings in India to address feedback from local INR merchants who have raised concerns about the security of traditional banking transactions. “By accepting payments through eRupee, merchants can reduce the risk of their bank accounts being targeted by cybercriminals and provide 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 Director of Sales and Marketing Joan Han said the addition of eRupee payment aims to improve the payment experience for INR users with the aim of “attracting a wider pool of merchants to the platform, driving business growth, and expanding the reach of Bybit services in the market.”

This expansion comes despite the challenges Bybit faced in India earlier this year. In March, Apple reportedly 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 failing to comply with local anti-money laundering laws, but Bybit was not listed among them.