Bybit Launches Crypto-Linked Debit Card in Peru to Expand Latin American Footprint

Cryptocurrency exchange Bybit has launched its virtual debit card in Peru, enabling users to spend their account balances in both crypto and fiat currencies. The move represents a significant expansion of the company's crypto-to-fiat payment services into the Latin American market.

Card Details and Functionality

Bybit, which it identifies as the world's second-largest crypto exchange by volume, announced the card is now available to its customers in Peru. The virtual card links directly to a user's Bybit account, allowing for payments at merchants worldwide that accept major card networks.

The card is designed to facilitate both local and international transactions. Key features announced by the company include:

• Dual-currency support: The card can be used for spending in both Peruvian Soles (PEN) and U.S. Dollars (USD).
• Tiered cashback: A rewards program offers between 2% and 10% cashback on eligible purchases.
• Subscription rebates: The company offers full rebates on certain digital services, including Netflix and Spotify.
• No annual fees: The card is issued virtually with no issuance or annual fees, though foreign exchange conversion fees may apply to some transactions.

Introductory Campaign

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To mark the launch, Bybit introduced a promotional campaign for new Peruvian cardholders. The company is offering a welcome package valued at up to 120 USDT (Tether).

The offer includes a 10 USDT airdrop after a user completes identity verification and makes a minimum qualifying deposit of 100 USDT or its equivalent. Additionally, new users can earn up to 110 USDT through a special 10% cashback booster on certain spending categories during their first 30 days.

Market Expansion in Latin America

The expansion into Peru is part of Bybit's broader strategy to connect digital asset services with everyday financial activities in emerging markets. According to the company, the Bybit Card is already used by over 3 million people globally.

"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. He added that the card allows users to "spend PEN at home and spend USD anywhere when they explore the world, without friction."