Bitwage, a company that promises to make wages easy, secure and fast for its clients, has announced that it has launched a new Bitcoin-based payroll product. The product according to the company is going to allow American companies to pay employees outside the US in their local currency.
Nonetheless, as the company is willing to cater to its clients around the world, it has partnered with Bitcoin exchange Coins.ph. The partnership will allow firms to quickly and cheaply pay workers in the Philippines – even if they don’t have a bank account. IT says that it makes wages easy, secure and fast, the way wages should be.
Jonathan Chester, founder and Chief Strategy Officer of Bitwage says that he sees Bitcoin as the singular payment protocol for paying people across the globe. Talking to media professionals he explained that the core of the company’s products is basically trying to figure out how to introduce modern financial tools around the world. He says that he sees Bitcoin as a way to facilitate that.
Elaborating how the product works the company says that its international payroll solution accepts and pays out in fiat currency, but uses Bitcoin in the middle to transfer the value from one place to another. Also, as it already has a Bitcoin payroll system in the US, it was easily able to integrate with Coins.ph; sending them Bitcoin to be paid out at the other end.
Bitcoin is the Best Way to Get Cross-Border Payments Done
Nonetheless, the company informs that the customers of Coins.ph can choose to collect Philippine pesos or preloaded cash cards, or receive their payments via bank transfers. It also informs that even door-to-door delivery of cash is possible. Chester Says that Bitcoin is the best way to get cross-border payments into the hands of both banked and underbanked people.
Moreover, as Bitwage acts as an invisible middle entity in payroll transactions, the clients do not have any issues. In fact, employers usually ask an employee for bank transfer information when they first start working for the company. Chester explains that they are just routing the transaction to Bitwage as opposed to routing the credit to a bank account.
Though there are a number of players looking to bring Bitcoin to the Philippines market, Companies like Coins.ph, 37Coins and Boost VC-backed Palarin are all seeking to gain a foothold in this Southeast Asian market. With Bitwage at service, it will now be easier for these companies to reach people further.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org