The digital rupee, or eRupee, is a new payment method going live on the cryptocurrency exchange Bybit for peer-to-peer trades in India. The goal of this expansion is to make it easier for Indian users to pay and to address security concerns made by Indian merchants.
Along with the news release that came out on Tuesday, the cryptocurrency exchange said that the move was made because Indian INR merchants had concerns about the safety of standard banking transactions.
By letting people pay with eRupee, the exchange expects to make the financial world safer by lowering the risk of hackers getting into retailers’ bank accounts.
New Payment Options By Bybit
Along with eRupee, the cryptocurrency exchange still supports Indian rupee bank transfers for both purchases and withdrawals, as well as payments made through Paytm and other third-party payment providers.
Bybit’s Sales and Marketing Director, Joan Han, said that adding eRupee is meant to make it easier for INR users to pay and to bring more merchants to the platform, which will help businesses grow and increase Bybit’s market position.
This new development comes after problems Bybit had in India earlier this year. In March, it was said that Apple had taken the cryptocurrency exchange app off of its App Store in India, making it harder for iPhone and MacBook users in India to get to it.
Also, in December 2023, India’s Financial Intelligence Unit named nine cryptocurrency exchanges, including Kraken and Bitstamp, that were not following local rules against money laundering. Bybit was not on that list.
