Payments provider BitPay has launched a new service enabling businesses to pay employees, contractors, customers and vendors en masse with cryptocurrency.
- Announced Friday, BitPay Send is a payout service with a focus on international and gig-economy companies looking to pay multiple recipients online simultaneously.
- “Blockchain payment adoption is growing because it offers an easy way to send and receive payments on a global scale,” said BitPay CEO Stephen Pair.
- With the new service, companies don't need to buy, own or manage cryptocurrency, while the recipients receive payment more efficiently and at a reduced cost, Pair added.
- BitPay Send lets companies perform a variety of payment functions including payroll, customer cash-out requests, contractor payments, reward issuance and settlements with marketplace sellers.
- Recipients need to have a BitPay ID and cryptocurrency wallet in order to receive payment and companies are charged a 1% fee. There are no foreign exchange fees.
- With the launch, BitPay now provides an alternative to crypto payroll services such as BitWage.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.