Bybit Launches Crypto-Linked Card in Peru to Target Digital Payments Market

Cryptocurrency exchange Bybit has launched its virtual Bybit Card in Peru, enabling users to spend digital assets and fiat currency directly from their accounts. The move marks an expansion of the company's financial products into the Latin American market, aiming to bridge the gap between crypto holdings and everyday commerce.

Launch Details and Incentives

According to a company announcement, the virtual card is now available to users in Peru. To incentivize adoption, Bybit is offering a welcome package valued at up to 120 USDT for new cardholders who complete identity verification and make a qualifying deposit.

The promotional offer includes:

• A 10 USDT airdrop following an initial account top-up equivalent to at least 100 USDT.
• A special 10% cashback booster on certain lifestyle purchases during the first 30 days, capped at 110 USDT.

Card Features and Functionality

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The Bybit Card functions as a debit card, drawing funds directly from a user's Bybit account to pay merchants globally. The company stated the card is designed to reduce the friction between digital asset holdings and traditional point-of-sale transactions.

Key features highlighted in the announcement include dual-currency support for both Peruvian Soles (PEN) and U.S. Dollars (USD). The card also offers tiered cashback rewards ranging from 2% to 10% on eligible purchases and provides rebates on select digital subscriptions like Netflix and Spotify, subject to terms and conditions.

Market Context and Strategy

The expansion into Peru is part of Bybit's broader strategy to increase its footprint in emerging markets. The exchange, which claims to be the world's second-largest by trading volume, reports that over 3 million users globally utilize its card services.

"Peru’s financial landscape has undergone a quiet but meaningful transformation in recent years as its young, mobile-first population has embraced digital payments," said Patricio Mesri, Bybit's Country Manager for Spanish-speaking Latin America, in a statement. The launch signals the company's effort to capitalize on the region's maturing digital payments infrastructure.