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Finance

Payments Provider BitPay Rolls Out Cryptocurrency Payroll Service

With the launch, BitPay now provides an alternative to crypto payroll services such as BitWage.

By Sebastian Sinclair
AccessTimeIconNov 13, 2020 at 9:05 a.m. UTC
Updated May 9, 2023 at 3:13 a.m. UTC
pair, bitpay

BitPay CEO Stephen Pair

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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.
  • BitPay launched in 2013 with a focus on enabling businesses to accept payment in bitcoin and has raised $72.5 million to date in investment, according to Crunchbase.

See also: After Years of Resistance, BitPay Adopts SegWit for Cheaper Bitcoin Transactions

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