- Bybit adds digital rupee (eRupee) payments for Indian users to enhance security.
- Bybit also supports bank transfers and Paytm for diverse payment options in India.
- Despite past challenges, Bybit aims to attract more merchants and grow in India.
Crypto exchange Bybit has expanded its payment offerings for peer-to-peer (P2P) transactions for its Indian user base, with the addition of the digital rupee, known as eRupee.
This new addition, announced in a recent press release, aims to enhance the security and efficiency of financial transactions for Indian customers.
The eRupee aims to shield Bybit users from cyber attack
Bybit’s decision to introduce the digital rupee responds to feedback from local INR merchants concerned about the security risks associated with traditional banking transactions.
The company highlighted that by adopting eRupee, merchants could significantly reduce the risk of cyber-attacks on their bank accounts. This move is expected to foster a more secure financial ecosystem, benefitting all stakeholders involved.
In addition to the digital rupee, Bybit continues to support other payment methods for its Indian users. These include bank transfers in Indian rupees for deposits and withdrawals, as well as third-party payment providers such as Paytm.
This variety of payment options aims to cater to the diverse preferences and needs of Bybit’s growing user base in India.
Joan Han, Bybit’s Sales and Marketing Director, emphasized that integrating eRupee aims to improve the payment experience for INR users. Han noted that this enhancement is part of Bybit’s broader strategy to attract more merchants to the platform, thereby driving business growth and expanding the exchange’s services within the Indian market.
Bybit seems to overcome the challenges in India
This development comes despite the recent challenges Bybit faced in India.
In March, Apple removed the Bybit app from its App Store in India, impacting access for Indian iPhone and MacBook users.
Additionally, in December 2023, India’s Financial Intelligence Unit identified several crypto exchanges for non-compliance with local anti-money laundering laws. However, Bybit was notably not among the listed exchanges.
Bybit’s proactive steps to incorporate the digital rupee demonstrate its commitment to addressing local market needs and enhancing the user experience, positioning itself as a resilient and adaptive player in the Indian crypto market.