Bitwage and Xapo Partner for International Payroll Debit Card
Bitcoin payroll service Bitwage has partnered with Xapo to create an international payroll debit card that works with the cybercurrency. The new card is designed to help companies pay overseas employees, similar to what they may do through PayPal or Payoneer.
This new partnership would allow Bitwage to reach out to clients in over 170 countries, thanks to the worldwide exposure of the Xapo Bitcoin wallet. The current system is still in its beta form, which allows users to sign up for free debit cards on the Bitwage website. The cards can be used almost anywhere in the world, but at this time, they cannot be sent into the United States.
An international debit card program would allow companies who outsource their services overseas to pay their employees without a long delay or hefty deposit fees. Bitwage reports that on average, it takes 5-7 business days to send funds overseas, and costs about 8% of the transaction value. That adds up if you rely mostly on foreign workers to run your business.
The Bitcoins processed through Bitwage are immediately made available in a person’s Xapo wallet, where they can be used online or through the new debit card. This gives the recipients a chance to convert the Bitcoins to their local currency so the employers do not have to meddle with that end of the process. This could be a step in the right direction for Bitcoins, but it all depends on the success of the beta test.