What is Bybit Pay? A guide to payments and transfer

Crypto is widely used for trading and long-term investing. Paying with it can still feel less direct than using traditional payment methods. Users may need to manage wallet addresses, select networks or convert assets before making a purchase.

Bybit Pay brings several payment and transfer tools into one service. Users can pay merchants, send or receive crypto, create payment requests and access selected financial features through their Bybit account.

This guide explains how Bybit Pay works, its current features and the rewards available to eligible users. It also shows how to create a Payment Link or QR code and how to request a Split Bill payment.

Key Takeaways:

• Payment Links, QR codes and Split Bill help users collect crypto or divide shared expenses through the Bybit App.

• On-chain QR Pay and Mastercard Crypto Credential simplify transfers to external wallets, while availability, networks and fees may vary.

• Pay Later, Auto-Earn and Rewards add borrowing, yield and loyalty options, each with separate eligibility, limits and risks.

What is Bybit Pay?

Bybit Pay is a payment service that connects a user's Bybit account with supported payment channels. It works through the Bybit App, the Bybit website and participating merchant checkout systems. Feature availability can differ by device, market and account eligibility.

Users can pay with supported crypto assets or local payment methods where available. According to the current Bybit Pay Help Center, the service supports Brazilian real (BRL) for Pix payments and Argentine peso (ARS) for Argentina QR payments.

Supported crypto assets currently include USDT, USDC, MNT, GRAM, BTC, ETH, XRP, BNB, SOL, USDR, USDQ, USDE, PYUSD and USDTB. This list can change, so users should check the Bybit Pay FAQ before making a payment.

Why use Bybit Pay?

Bybit Pay combines payment, transfer and selected finance tools in one place. Users can choose their preferred payment asset and manage transactions from their Funding Account. They can also review their payment history through the Bybit Pay dashboard.

For merchants, Bybit Pay offers access to customers in supported markets. Participating businesses can accept crypto payments through online checkout pages, apps or point-of-sale systems. This can reduce the need to build a separate crypto payment flow.

Bybit does not charge a transaction fee for standard Bybit Pay payments. However, conversion charges, foreign exchange rates or blockchain network fees may apply to specific payment methods. The confirmation page shows the relevant details before a user submits a transaction.

Bybit Pay ecosystem

Bybit Pay has developed a broader ecosystem around payments, transfers, merchant tools and selected financial features. These services help users move between crypto and local payment channels where they are supported. They include:

• Local payment integration: Users can pay through supported QR codes or local payment methods in the Bybit App. Merchants receive funds through familiar payment rails while Bybit Pay manages the crypto payment process in the background.

• Crypto transfers: Payment Links, QR codes, On-chain QR Pay and Mastercard Crypto Credential simplify transfers between users or to supported external wallets. Users can avoid manually entering long wallet addresses for eligible transactions.

• Seamless off-ramp: Merchant settlement arrangements can support conversion from crypto into fiat where available. Settlement currencies and methods depend on the merchant agreement and local market.

• Contactless payments: Bybit's wider payment ecosystem can support contactless spending through compatible card and mobile wallet services in eligible regions. Product support for NFC, Google Pay and Apple Pay depends on the user's market and account.

• Collateralized payments: Pay Later lets eligible users pledge supported crypto as collateral and split a payment into installments without selling their assets. Interest, loan-to-value limits and liquidation risks apply.

Business-to-business services

Bybit Pay also provides services for businesses that want to accept crypto. Its merchant tools support online and in-store checkout experiences, with settlement options based on the merchant agreement and supported market.

Developers can use Bybit Pay tools to embed payment functions into apps, websites or custom platforms. This gives businesses access to Bybit's crypto user base without requiring them to build a complete payment system from scratch.

Together, these services can help businesses add crypto payments while continuing to use familiar checkout and settlement processes.

Yield-enhancing solutions

Bybit Pay also connects spending with selected earning features. Auto-Earn places eligible idle assets from the Funding Account into Easy Earn Flexible Term plans. At 10AM UTC each day, Bybit checks the transferable balance of each selected asset and invests the eligible amount within the plan's minimum and maximum limits.

Users can also activate Auto-Deduction. This allows Bybit Pay to redeem eligible Flexible Term assets when they are needed for a payment. Subscription limits, yield rates and supported assets can change, and returns are not guaranteed.

Bybit Pay Rewards gives eligible users Rewards Points for qualifying Bybit Pay and Bybit Card spending. Cashback rates, multipliers and monthly caps depend on the user's VIP level or spending tier. Only cryptocurrency payments qualify for cashback points, and Pay Later transactions may receive an additional incentive subject to a separate cap.

Bybit may also run referral campaigns that reward users for inviting eligible friends to activate and use Bybit Pay. Campaign requirements and reward amounts can change, so users should check the current Bybit Pay Referral Program terms before participating.

These services extend Bybit Pay beyond checkout by combining payments, merchant tools, borrowing, yield and rewards in one ecosystem.

Current Bybit Pay features

Payment Link and QR Code

Payment Link and QR Code let users request a specific crypto payment. The recipient sets the currency, amount and an optional note. Bybit Pay then creates a link and QR code that can be shared through a social or messaging app.

The feature is available through the Bybit App. A generated request remains valid for seven days. Bybit does not charge a fee for a payment made through the link or QR code.

Split Bill

Split Bill helps two or more users divide a shared expense. The person creating the request enters the total bill and number of people sharing it, including themselves. Bybit Pay divides the amount evenly and creates a payment link or QR code for the group.

The request creator can track each payment from the history page. This makes the feature useful for meals, travel costs or other shared purchases.

Local QR Pay

Local QR Pay lets eligible users scan a supported merchant QR code and pay through the Bybit App. The service supports local payment connections in selected markets, including Pix payments in Brazil and QR payments in Argentina.

Users should review the payment asset, conversion rate and final amount before confirming. Availability and limits depend on the market and the user's verification status.

On-chain QR Pay

On-chain QR Pay lets a verified user scan an external wallet address QR code and send crypto on the blockchain. Bybit displays only the assets supported on the recipient's destination network.

The user must select the correct network and meet the minimum withdrawal amount. A Tag or Memo may also be required for some assets. Network fees apply and appear on the confirmation screen.

An on-chain transfer cannot be canceled or reversed after it is broadcast. Users should check the address, network and transaction details before confirming. Regional and account restrictions may also apply.

Mastercard Crypto Credential

Mastercard Crypto Credential replaces a long wallet address with a human-readable alias. The alias can use an email address or mobile number registered with Bybit. This can make supported on-chain transfers easier to enter and review.

Users must activate Bybit Pay before registering for the feature. Registration is available through the Bybit App. The user also selects the blockchain networks linked to the credential. Supported assets and networks appear on the transaction page.

Mastercard Crypto Credential does not replace Bybit's Internal Transfer function. It is used for supported on-chain transfers through a verified alias.

Pay Later

Bybit Pay Later lets eligible users borrow USDT against supported crypto collateral. It allows a purchase to be split into one-, two-, three- or six-month installment plans through the Bybit App.

The interest rate and monthly payment appear before confirmation. The minimum installment amount is $10, while the maximum depends on the user's available spending credit. Stablecoins such as USDT and USDC cannot be used as collateral.

Pay Later is an overcollateralized service. The account's loan-to-value (LTV) ratio can rise if collateral loses value. Late payments can lead to penalty interest and liquidation. Users should review the repayment schedule, LTV thresholds and displayed costs before confirming an installment plan.

Auto-Earn

Auto-Earn lets users place selected idle payment assets into Easy Earn Flexible Term plans. At 10AM UTC each day, Bybit checks the transferable balance of each selected asset in the Funding Account. It then invests the eligible amount, subject to the plan's minimum and maximum limits.

Users can also turn on Auto-Deduction. This allows Bybit Pay to redeem eligible Flexible Term assets when they are needed for a payment. Auto-Earn keeps assets accessible, but yield rates can change and returns are not guaranteed.

Bybit Pay Rewards

Eligible Bybit Pay and Bybit Card spending contributes to one combined rewards total. Users can earn Rewards Points when they pay participating merchant partners or registered business entities.

Reward multipliers, cashback rates and monthly caps depend on the user's VIP level or monthly spending tier. The current program lists cashback rates from 2% to 10% across its tiers. Points remain pending for four calendar days after a completed transaction before they become available.

Users can redeem points through the Rewards Market or turn on Auto Cashback. Only payments made with cryptocurrency qualify for cashback points. The current rewards page contains the latest rates and limits.

How to Create a Payment Link/QR Code

Payment Link and QR Code are currently available through the Bybit App.

Step 1: Log in to the Bybit App. Tap More, select Bybit Pay and tap Receive.

Step 2: Tap Set amount. Select the currency and enter the amount you want to receive. You can also add a note for the payer.

Step 3: Tap Confirm. Select Save QR Code to save or share the QR code. Select Share Link to copy or share the payment link.

You can share the request through apps such as Telegram or WhatsApp. Tap the history icon in the top-right corner of Bybit Pay to check received payments.

How to Create a Split Bill Request

Split Bill is currently available through the Bybit App. The feature divides a shared bill evenly between the selected number of people.

Step 1: Log in to the Bybit App. Tap More, select Bybit Pay and tap Receive.

Step 2: Tap Split bill. Select the currency, enter the total amount and choose the number of people sharing the bill. Include yourself in the total. You can also add a note.

Step 3: Tap Confirm to review the request. Share the generated QR code or link through your preferred social or messaging app.

Step 4: Tap the history icon in the top-right corner. Open the request to track each participant's payment status.

Payment links and QR codes remain valid for seven days. If a payer does not have the Bybit App, the payment page will ask them to download it. Bybit does not charge a payment fee for these requests.

Bybit Pay for businesses

Bybit Pay gives participating businesses a way to accept crypto without building a full payment system from scratch. Its merchant services support online and in-store checkout experiences in eligible markets.

Developers can use Bybit Pay tools to connect payment functions with an app, website or platform. Settlement options depend on the merchant arrangement and supported market. Businesses interested in the service can apply through the Bybit Pay partner page.

The bottom line

Bybit Pay now covers more than merchant checkout. Payment Link, QR Code and Split Bill make it easier to collect or divide payments. On-chain QR Pay and Mastercard Crypto Credential simplify supported wallet transfers. Pay Later, Auto-Earn and Rewards add financing, yield and loyalty functions for eligible users.

Each feature has separate availability, limits and risks. Reviewing the confirmation screen and current Help Center terms can help users understand the cost and conditions before proceeding.

Visit Bybit Pay to check which features are available for your account.

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