April 12, 2015
Bitwage has announced the release of its international bitcoin payroll debit card. With the release of this debit card, employees and contractors using the Bitwage system can withdraw and spend United States dollars, European euros, and British pounds directly from the blockchain. For employees working outside the US, Europe or the UK, the debit cards can pay out in local currencies. By partnering with Xapo, Bitwage is able to send the debit cards to over 170 countries. Employees and contractors around the world are now able to receive their payments faster and in a more cost-efficient manner than ever before.
This initial launch is a beta, meaning that everyone who signs up will receive free Bitcoin debit cards. Although the cards cannot currently be sent to the US, the debit cards work almost anywhere in the world, including the US.
International Contractor & Employee Payments
International payroll and payments are hard. On average, it costs 8% and 5 to 7 business days to send funds overseas. Trying to navigate several systems to pay all your international workers does not just reduce operational efficiency, but is just a plain mess to deal with. By leveraging the blockchain, international payments can get better. With the Bitwage International Debit Card, employees and contractors around the world can receive their wages faster and at a lower cost while getting paid in their local currencies.
As an employer, you reap the benefits of a single system to pay all your employees and contractors while being able to split the gains so that your workers are happier with a higher wage while you increase your bottom line.
For contractors and employees just looking to receive better international payments without their employer getting involved, Bitwage's unique payroll individual product allows workers around the world to leverage the benefits of the Bitwage debit card without requiring their employers to sign up.
A Better Way to Pay with Bitcoins
The ways of spending bitcoin at point of sale is often a clumsy and awkward process. You take out your phone, wait for your application to load, wait for the cashier’s application to load and while this is happening a big line is forming behind you. It is even worse when your favorite restaurant just does not accept your bitcoins. With the Bitwage bitcoin debit card, you can now easily spend your hard earned Bitcoin anywhere that accepts debit cards, without having to wait for internet connections.
The way the system works is once you sign up with Bitwage and sign up for the debit card, you have an account created on Xapo. You can then select to have your payroll sent to your Xapo account, which stores your Bitcoins until you spend them on the debit card. You will be able to check balances and history directly on the Bitwage website.
Bitwage is dedicated to bringing the efficiencies of Bitcoin and the Blockchain to the employer, employee and contractor relationships. As part of this process, Bitwage is continually looking for ways to improve the processes by which employers, employees and contractors send, receive and manage their funds. While the company is focused on building more currency inputs and outputs throughout the Bitwage Payroll solution, partnerships with companies like Xapo help create the easiest and most streamlined process for users from payroll to purchases.