Bybit Introduces Digital Rupee (eRupee) Payment Option for Indian Users
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has launched a new payment method for its Indian users: the Digital Rupee (eRupee). This innovative wallet-based mobile payment solution aims to address security concerns and enhance the overall user experience for Indian rupee (INR) transactions on the platform.
The introduction of the eRupee payment option comes in response to feedback from Bybit’s INR merchants, who expressed concerns about the security of traditional banking transactions. By implementing this new payment method, Bybit seeks to mitigate the risk of cybercriminals targeting users’ bank accounts, thus creating a more secure financial ecosystem for all parties involved.
Joan Han, Bybit’s sales and marketing director, stated, “We are excited to unveil Digital Rupee (eRupee) as a cutting-edge payment option for our valued users. By incorporating the eRupee payment, Bybit aims to elevate the payment experience for INR users, fostering trust and reliability in every transaction.”
The eRupee joins Bybit’s existing payment options for Indian users, which include bank transfers, third-party services like Paytm, and India’s Unified Payments Interface (UPI). Currently, the eRupee is being used on Bybit for peer-to-peer crypto transactions.
It’s worth noting that the eRupee is part of India’s central bank digital currency (CBDC) pilot project. The retail version of the eRupee was launched in December 2022, following the debut of its wholesale counterpart. Despite efforts to popularize the retail eRupee, its adoption has been relatively slow, with approximately 5 million users as of June 2024.
Bybit’s initiative to incorporate the eRupee comes at a time when the exchange faces certain challenges in the Indian market. In March 2024, reports indicated that Apple had removed the Bybit app from its App Store in India, affecting access for Indian iPhone and MacBook users. However, Bybit was not among the nine crypto exchanges identified by India’s Financial Intelligence Unit for non-compliance with local anti-money laundering laws in December 2023.
The introduction of the eRupee payment option is expected to attract a wider pool of merchants to the platform, potentially driving business growth and expanding Bybit’s reach within the Indian market. As global crypto adoption continues to rise, innovations like these are likely to play a significant role in shaping the future of digital transactions and fostering greater trust within the crypto community.
