Bybit Pay Unites Web3 and Retail Payment Systems in Armenia

Bybit Pay Bridges Web3 and Retail Payment in Armenia

On October 21, 2025, in Dubai, Bybit, known as the second largest cryptocurrency exchange globally by trading volume, announced a significant strategic partnership with Idram, a leading digital payment provider in Armenia. This collaboration underlines Bybit Pay's commitment to establishing global cryptocurrency payment systems through incremental, localized initiatives, bringing tangible benefits to holders of digital assets.

The Launch Ceremony

The partnership's official launch will take place on October 22, 2025, in Yerevan, Armenia. Key representatives from both Bybit and Idram will address fintech partners and the regional payment community, showcasing their mutual commitment to enhancing digital payment infrastructure and innovation across the region.

This alliance is not just about cooperation; it aims to create a comprehensive payment service ecosystem in Armenia. Bybit Pay and Idram will enable users to make payments via QR codes at over 25,000 merchant locations across the country. Notably, Idram holds more than a 90% market share in QR payments in Armenia and has been serving the community with compatible and innovative digital payment solutions for over two decades. Furthermore, it facilitates merchants' access to a unified marketplace within the Eurasian Economic Union, which boasts a population of over 185 million people.

For international users of Bybit Pay, this partnership promises a seamless payment experience while traveling in Armenia using their app. As Sophie Chen, Head of Marketing for the Payment Business Unit at Bybit, stated, “Bybit and traditional fintech companies are natural partners. The expansion of Bybit Pay into Armenia, backed by Idram’s network, is another step toward extending our global reach and enhancing the convenience of cryptocurrencies for our community. We are committed to forming deep and meaningful partnerships that create lasting value for local communities.”

An Eye on Innovation

Arsene Kdenian, CEO of Idram, emphasized their commitment to innovation and strengthening global connections. He stated, “By integrating our QR system with Bybit Pay, we enable foreign visitors to make convenient and secure payments during their stay in Armenia. We recognize that the use of cryptocurrencies is just beginning to grow globally, and this collaboration allows Bybit users to make payments in Armenia easily and accessibly through their digital asset app at over 25,000 locations.”

How QR Code Payments Work

1. The user scans the merchant's QR code using the Bybit Pay app (selecting “Bybit Pay” -> “QR Pay”).
2. Within seconds, a payment confirmation window appears, displaying transaction details.
3. The user hits “Confirm” to approve and complete the payment.

Bybit Pay is continually working to open new destinations for its users, promoting the broader mission of global financial inclusion. Currently, this crypto-native payment solution serves eligible global users who have successfully completed identity verification on Bybit. Users from countries with restricted services or local Bybit entities are not currently supported. For the latest updates and detailed terms, users can visit the official Bybit Pay page.

About Bybit

Founded in 2018, Bybit has rapidly grown to be the second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. The exchange is focused on creating an easier, open, and equitable ecosystem for all while maintaining strong ties with Web3. Bybit strategically collaborates with leading blockchain protocols to provide robust infrastructure and promote innovation in the blockchain landscape. Renowned for its secure management and user-friendly trading environment, Bybit effectively bridges the gap between traditional finance (TradFi) and decentralized finance (DeFi), enabling developers, creators, and enthusiasts to fully harness the potential of Web3. To explore the future of decentralized finance, visit Bybit.com.

For media inquiries regarding Bybit, please contact [media inquiries email]. For updates, follow Bybit on its various community platforms including Discord, Facebook, Instagram, LinkedIn, Reddit, Telegram, TikTok, X, and YouTube.

About Idram

Idram was established in 2004 and is Armenia’s leading digital financial platform, providing a comprehensive suite of services, including e-wallets, QR and NFC payments, money transfers, and other financial solutions for individuals and businesses alike. More information about Idram can be found at idram.am.

For media inquiries regarding Idram, please contact [media inquiries email]. Follow Idram on Facebook and Instagram for updates.