Bybit Launches Crypto Debit Card in Mexico with Mastercard

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has officially launched its debit card in Mexico. The product is issued in a strategic collaboration with the global payments network Mastercard and local BIN sponsor Pomelo. It allows users to transact with a portfolio of eight different crypto assets at more than 150 million merchants that accept Mastercard worldwide.

"Bybit's vision is to transform global finance," Patricio Msri, Country Manager, Bybit, says. "Partners like Mastercard allow us to interface the Web3 crypto world with the Web2 world. This helps make cryptocurrencies not only a speculation but also a form of payment and a way of life. It allows crypto to democratize finance."

Bybit's expansion into Mexico reflects the growing maturity of the region's digital asset market. According to the 2024 Global Crypto Adoption Index by Chainalysis, Mexico ranks second in Latin America in adoption. This makes it a strategic territory for introducing products that facilitate the usability of cryptocurrencies.

With this launch, Bybit is now present in the three largest economies in Latin America, having previously introduced the card in Brazil and Argentina. This move consolidates a deliberate regional expansion strategy.

The launch is part of a sector-wide trend where major exchanges seek to bridge the gap between traditional finance (TradFi) and decentralized finance (DeFi). By offering a payment instrument that converts cryptocurrencies to fiat currency in real time at the point of sale, Bybit addresses a major challenge for mass adoption: the friction in using digital assets for daily transactions.

Bybit's operational scale, with more than 75 million users globally and a daily trading volume exceeding US$4.7 billion, provides a solid foundation to drive the adoption of this new product.

The Bybit Card operates on an instant conversion model. Users maintain their balances in any of the eight initially supported crypto assets: BTC, ETH, XRP, TON, USDT, USDC, MNT, and BNB. When a purchase is made, the system performs an automatic conversion to fiat currency to settle the transaction. This process applies a 0.9% crypto exchange fee. For transactions abroad, an additional 2% fee is applied.

The card's rewards program is designed to encourage recurring use. As a launch offer, users who make an initial deposit of US$100 in either crypto will receive US$105. The long-term cashback system is tiered and based on monthly spending volume. This model differs from competitors that often link benefits to trading volume or asset holdings. Reward levels, which can reach up to 10%, are unlocked as users increase their combined spending through the Bybit Card and Bybit Pay.

Additional benefits include reimbursements for subscriptions to services like Netflix and Spotify. Cardholders also get access to VIP lounges at more than 200 airports through an alliance with Plaza Premium Lounge.

Initially, the card is available in a virtual format compatible with Google Pay. Integration with Apple Pay and the issuance of physical cards are planned for the coming months. Transaction limits are set at US$5,000 daily and US$100,000 annually. The application process does not require a credit history or local tax information. The Know Your Customer (KYC) process is completed using an official ID, such as a passport or national identity card.

The product's technical and regulatory viability relies on its alliance with key financial system players. Mastercard provides the global network infrastructure, ensuring worldwide card acceptance. During the launch event, Diego Szteinhendler, SVP Fintechs, Digital Partners, Enablers and Commerce, Mastercard, described the company's role as a "digital canvas" that offers tools for fintechs to build payment solutions, providing the "off-ramp" from the crypto ecosystem to traditional commerce. Meanwhile, Pomelo acts as the processor and sponsor of the Bank Identification Number (BIN) in Mexico. The company manages the necessary technological and regulatory infrastructure for card issuance in the country.

Bybit extends an open invitation to local companies, creators, and merchants to establish strategic alliances. The company cites existing collaborations, for example its partnership with Rappi in Argentina and Tomorrowland in Brazil. Additionally, the company activated a referral program. It offers rewards in USDT, from US$20 to US$35, for each user who activates the card and makes a minimum purchase. This program incentivizes organic growth through its community and B2B partners. The company's roadmap includes future expansions into other regional markets, such as Peru and Colombia.